BCB Holdings Ltd 3rd Quarter Results (1286J)
April 01 2015 - 4:30AM
UK Regulatory
TIDMBCB
RNS Number : 1286J
BCB Holdings Ltd
01 April 2015
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2014
Belize City, Belize, April 1, 2015 -- BCB Holdings Limited
(London - AIM: BCB; Bermuda - BBHL) (the "Company" or "BCBHL")
The Company reported a net loss from operations of $4.0m for the
three months ended December 31, 2014 (2013 - net loss of $2.7m),
and a net loss per ordinary share from continuing operations for
the three months of $0.04 (2013 - net loss per share of $0.03).
The Company reported a net loss from operations of $2.0m for the
nine months ended December 31, 2014 (2013 - net loss of $4.8m), and
a net loss per ordinary share from continuing operations for the
nine months of $0.02 (2013 - net loss per share of $0.05).
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
Cenkos Securities plc
Nicholas Wells +44 (0) 207 397 8900
Note: This and other press releases are available at the
Company's web site: http://www.bcbholdings.com
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 months 3 months ended 9 months 9 months
ended ended ended
December December 31, December December
31, 31, 31,
2014 2013 2014 2013
--------------------------- ---------- --------------- ---------- ----------
Financial Services
Interest income 10.9 11.2 31.5 31.8
Interest expense (2.2) (2.7) (6.7) (8.3)
--------------------------- ---------- --------------- ---------- ----------
Net interest income 8.7 8.5 24.8 23.5
Provision for loan losses (5.1) (7.0) (10.9) (16.0)
Net non-interest expense (6.9) (3.0) (13.1) (8.7)
--------------------------- ---------- --------------- ---------- ----------
Operating (loss) income -
Financial Services (3.3) (1.5) 0.8 (1.2)
Corporate expenses (0.7) (1.2) (2.8) (3.6)
--------------------------- ---------- --------------- ---------- ----------
Net loss (4.0) (2.7) (2.0) (4.8)
--------------------------- ---------- --------------- ---------- ----------
Loss per share: basic and
diluted
Net loss ($0.04) ($0.03) ($0.02) ($0.05)
Number of shares - (basic
& diluted) 99.9m 99.9m 99.9m 99.9m
Summarized Consolidated Balance Sheet (unaudited)
December March 31
31
2014 2014
$m $m
Financial Services
Cash, cash equivalents and due from banks 135.4 170.5
Interest-bearing deposits with correspondent
banks 74.9 54.3
Investment securities 49.9 37.3
Government of Belize securities 20.9 20.0
Loans - net 332.0 326.2
Property, plant and equipment - net 16.3 17.2
Government of Belize receivable 27.8 24.6
Other assets 6.9 31.2
---------------------------------------------- --------- ---------
Total Financial Services assets 664.1 681.3
Corporate
Cash and cash equivalents 0.1 4.0
Other current assets 6.6 3.9
---------------------------------------------- --------- ---------
Total assets 670.8 689.2
---------------------------------------------- --------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 575.0 593.1
Interest payable 3.3 4.3
Other liabilities 11.6 8.5
---------------------------------------------- --------- ---------
Total Financial Services liabilities 589.9 605.9
Corporate
Current liabilities 8.5 7.8
Long-term liabilities -- 1.2
---------------------------------------------- --------- ---------
Total liabilities 598.4 614.9
Total shareholders' equity 72.4 74.3
---------------------------------------------- --------- ---------
Total liabilities and shareholders' equity 670.8 689.2
---------------------------------------------- --------- ---------
Summarized Consolidated Statement of Cash Flows (unaudited)
9 Months ended December 31 2014 2013
$m $m
Cash flows from operating activities
Net loss from continuing operations (2.0) (4.8)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 1.4 1.4
Provision for loan losses 10.9 16.0
Decrease in interest payable (1.0) (0.9)
Changes in assets and liabilities - net 24.2 (5.3)
Net cash provided by operating activities 33.5 6.4
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.5) (1.5)
Increase in interest-bearing deposits (20.6) (31.8)
Increase in Government securities (0.9) (2.5)
Increase in Government receivable (3.2) --
(Increase) decrease in Investment securities (12.6) 45.4
Increase in loans to customers (16.7) (3.1)
Net cash (utilized) provided by investing
activities (54.5) 6.5
---------------------------------------------- ------- -------
Cash flows from financing activities
Decrease in deposits (18.1) (17.6)
Other movements 0.1 (0.1)
Net cash utilized by financing activities (18.0) (17.7)
---------------------------------------------- ------- -------
Net change in cash, cash equivalents and
due from banks (39.0) (4.8)
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 135.5 127.7
---------------------------------------------- ------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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