BCB Holdings Ltd Half Yearly Report (4679A)
December 23 2014 - 2:00AM
UK Regulatory
TIDMBCB
RNS Number : 4679A
BCB Holdings Ltd
23 December 2014
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SECOND QUARTER ENDED SEPTEMBER 30, 2014
Belize City, Belize, December 23, 2014 -- BCB Holdings Limited
(London - AIM: BCB; Bermuda - BBHL) (the "Company" or "BCBHL")
The Company reported net income from operations of $0.2m for the
three months ended September 30, 2014 (2013 - net loss of $1.2m),
and net income per ordinary share from continuing operations for
the three months of $0.00 (2013 - net loss per share of $0.01).
The Company reported net income from operations of $2.0m for the
six months ended September 30, 2014 (2013 - net loss of $2.1m), and
net income per ordinary share from continuing operations for the
six months of $0.02 (2013 - net loss per share of $0.02).
Background Information
BCB Holdings Limited (BCBHL) is a parent holding company with no
independent business operations or assets other than its
investments in its subsidiaries, intercompany balances and holdings
of cash and cash equivalents. BCBHL's businesses are conducted
through its subsidiaries. The Belize Bank Limited (BBL) is
incorporated and based in Belize and focuses on the provision of
financial services and lending to domestic clients. Belize Bank
International Limited is incorporated and based in Belize and
focuses on the provision of financial services and lending to
international clients. BCBHL also owns an international corporate
services business based in Belize. Within Belize, BBL is the
largest, full service commercial and retail banking operation with
a head office in Belize City and thirteen branches extended into
each of the six districts of Belize. The principal operations of
BBL are commercial lending, consumer lending, deposit taking and
related banking activities.
For further information contact:
BCB Holdings Limited
UK: +44 (0) 207 248 6700
Belize: +501 227 7178
Note: This and other press releases are available at the
Company's web site: http://www.bcbholdings.com
Cenkos Securities plc
Nicholas Wells +44 (0) 207 397 8900
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 months 3 months ended 6 months 6 months
ended ended ended
September September September September
30, 30, 30, 30,
2014 2013 2014 2013
------------------------------ ----------- --------------- ----------- -----------
Financial Services
Interest income 10.5 10.5 20.6 20.6
Interest expense (2.2) (2.8) (4.5) (5.6)
------------------------------ ----------- --------------- ----------- -----------
Net interest income 8.3 7.7 16.1 15.0
Provision for loan losses (3.6) (5.4) (5.8) (9.0)
Net non-interest expense (3.5) (2.3) (6.2) (5.7)
------------------------------ ----------- --------------- ----------- -----------
Operating income - Financial
Services 1.2 -- 4.1 0.3
Corporate expenses (1.0) (1.2) (2.1) (2.4)
------------------------------ ----------- --------------- ----------- -----------
Net income (loss) 0.2 (1.2) 2.0 (2.1)
------------------------------ ----------- --------------- ----------- -----------
Earnings (Loss) per share:
basic and diluted
Net income (loss) $0.00 ($0.01) $0.02 ($0.02)
Number of shares - (basic
& diluted) 99.9m 99.9m 99.9m 99.9m
Summarized Consolidated Balance Sheet (unaudited)
September March 31
30
2014 2014
$m $m
Financial Services
Cash, cash equivalents and due from banks 179.0 170.5
Interest-bearing deposits with correspondent
banks 26.1 54.3
Investment Securities 45.8 37.3
Government of Belize securities 27.5 20.0
Loans - net 316.9 326.2
Property, plant and equipment - net 16.6 17.2
Government of Belize receivable 24.6 24.6
Other assets 31.4 31.2
---------------------------------------------- ---------- ---------
Total Financial Services assets 667.9 681.3
Corporate
Cash and cash equivalents 1.7 4.0
Other current assets 5.3 3.9
---------------------------------------------- ---------- ---------
Total assets 674.9 689.2
---------------------------------------------- ---------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 577.7 593.1
Interest payable 4.1 4.3
Other liabilities 6.7 8.5
---------------------------------------------- ---------- ---------
Total Financial Services liabilities 588.5 605.9
Corporate
Current liabilities 8.4 7.8
Long-term liabilities 1.2 1.2
---------------------------------------------- ---------- ---------
Total liabilities 598.1 614.9
Total shareholders' equity 76.8 74.3
---------------------------------------------- ---------- ---------
Total liabilities and shareholders' equity 674.9 689.2
---------------------------------------------- ---------- ---------
Summarized Consolidated Statement of Cash Flows (unaudited)
6 Months ended September 30 2014 2013
$m $m
Cash flows from operating activities
Net income (loss) from continuing operations 2.0 (2.1)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 0.9 0.9
Provision for loan losses 5.8 9.0
Decrease in interest payable (0.2) (0.1)
Changes in assets and liabilities - net (2.8) (4.7)
Net cash provided by operating activities 5.7 3.0
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.3) (0.9)
Decrease (increase) in interest-bearing deposits 28.2 (35.6)
(Increase) decrease in Government securities (7.5) 4.8
(Increase) decrease in Investment securities (8.5) 50.0
Decrease in loans to customers 3.5 8.5
Net cash provided by investing activities 15.4 26.8
-------------------------------------------------- ------- -------
Cash flows from financing activities
Decrease in deposits (15.4) (31.4)
Other movements 0.5 (0.2)
Net cash utilized by financing activities (14.9) (31.6)
-------------------------------------------------- ------- -------
Net change in cash, cash equivalents and
due from banks 6.2 (1.8)
Cash, cash equivalents and due from banks
at beginning of period 174.5 132.5
Cash, cash equivalents and due from banks
at end of period 180.7 130.7
-------------------------------------------------- ------- -------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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