BCB Holdings Ltd First Quarter Results (8849G)
November 25 2015 - 3:00AM
UK Regulatory
TIDMBCB
RNS Number : 8849G
BCB Holdings Ltd
25 November 2015
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2015
Belize City, Belize, November 25, 2015 -- BCB Holdings Limited
(London - AIM: BCB; Bermuda - BBHL) (the "Company" or "BCBHL")
The Company reported a net income from operations of $1.8m for
the three months ended June 30, 2015 (2014 - net income of $1.8m),
and a net income per ordinary share from continuing operations for
the three months of $0.02 (2014 - net income per share of
$0.02).
For further information contact:
BCB Holdings
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
Note: This and other press releases are available at the
Company's web site: http://www.bcbholdings.com
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.
BCB Holdings Limited
Summarized Consolidated Statements of
Comprehensive Income (unaudited)
US dollars in millions except per
share data
3 months ended June 30 2015 2014
$m $m
Financial Services
Interest income 8.6 10.1
Interest expense (2.0) (2.3)
--------
Net interest income 6.6 7.8
Provision for loan losses (2.4) (2.2)
Net non-interest expense (0.9) (1.6)
----------------------------------------- ---------- --------
Operating income - Financial Services 3.3 4.0
Corporate expenses (0.8) (1.1)
----------------------------------------- ---------- --------
Net income before tax 2.5 2.9
---------- --------
Taxation (0.7) (1.1)
----------------------------------------- ---------- --------
Net income after tax and before
other comprehensive income 1.8 1.8
----------------------------------------- ---------- --------
Other comprehensive income:
Unrealized (losses) gains on securities (0.8) 0.4
Comprehensive income 1.0 2.2
----------------------------------------- ---------- --------
Earnings per ordinary share:
Basic and diluted:
Net income $0.02 $0.02
Number of shares - basic and diluted 99.9m 99.9m
----------------------------------------- ---------- --------
Summarized Consolidated Statements of Changes
in Shareholders' Equity (unaudited)
US dollars in millions
Additional
paid
Share in Treasury Retained
capital capital shares earnings Total
$m $m $m $m $m
------------------------ ---------- ------------ ------------ ------------- ----------
At March 31, 2014 0.6 52.8 (21.7) 42.6 74.3
Accumulated other
comprehensive income - - - 0.6 0.6
Net loss - - - (17.2) (17.2)
------------------------- ---------- ------------ ------------ ------------- ----------
At March 31, 2015 0.6 52.8 (21.7) 26.0 57.7
Accumulated other
comprehensive income - - - (0.8) (0.8)
Net income - - - 1.8 1.8
At June 30, 2015 0.6 52.8 (21.7) 27.0 58.7
------------------------- ---------- ------------ ------------ ------------- ----------
Summarized Consolidated Balance Sheets
(unaudited)
US dollars in millions
June
30 March 31
2015 2015
$m $m
-------------------------------------- -------------- -------------------
Assets
Financial Services
Cash, cash equivalents and due
from banks 138.5 183.6
Interest-bearing deposits with
correspondent banks 19.2 55.9
Other securities 22.9 46.2
Government of Belize securities 30.3 -
Current assets 210.9 285.7
-------------------------------------- -------------- -------------------
Loans - net 315.5 320.5
Property, plant and equipment
- net 16.1 16.4
Government of Belize receivable 18.3 18.0
Other assets 7.6 8.2
--------------------------------------
Total Financial Services assets 568.4 648.8
-------------------------------------- -------------- -------------------
Corporate
Cash and cash equivalents 0.4 0.1
Property, plant and equipment
- net 0.1 -
Other current assets 6.3 6.1
Total assets 575.2 655.0
-------------------------------------- -------------- -------------------
Liabilities and shareholders'
equity
Financial Services
Deposits 498.3 577.3
Interest payable 3.1 3.7
Other liabilities 6.8 8.2
-------------------------------------- -------------- -------------------
Total Financial Services liabilities 508.2 589.2
-------------------------------------- -------------- -------------------
Corporate
Current liabilities 8.3 8.1
-------------------------------------- -------------- -------------------
Total liabilities 516.5 597.3
-------------------------------------- -------------- -------------------
Total shareholders' equity 58.7 57.7
Total liabilities and shareholders'
equity 575.2 655.0
-------------------------------------- -------------- -------------------
Summarized Consolidated Statements
of Cash Flows (unaudited)
US dollars in millions
3 Months ended June 30 2015 2014
$m $m
------------------------------------------- ------------- -------------
Cash flows from operating activities
Net income from operations 1.8 1.8
Adjustments to reconcile net income
to net cash
provided by operating activities:
Depreciation 0.5 0.4
Provision for loan losses 2.4 2.2
Decrease in interest payable (0.6) (1.0)
Changes in assets and liabilities
- net (1.1) (0.3)
Net cash provided by operating activities 3.0 3.1
-------------------------------------------- ------------- -------------
Cash flows from investing activities
Purchase of property, plant and
equipment (net of disposals) (0.2) (0.2)
Decrease (increase) in interest-bearing
deposits with correspondent banks 36.7 (1.3)
Decrease (increase) in investment
securities 23.3 (2.6)
(Increase) decrease in Government
of Belize securities (30.3) 11.0
Decrease in loans (net of charge-offs)
to customers 2.6 2.0
Net cash provided by investing activities 32.1 8.9
-------------------------------------------- ------------- -------------
(MORE TO FOLLOW) Dow Jones Newswires
November 25, 2015 03:00 ET (08:00 GMT)
Caribbean Investment (LSE:CIHL)
Historical Stock Chart
From Oct 2024 to Nov 2024
Caribbean Investment (LSE:CIHL)
Historical Stock Chart
From Nov 2023 to Nov 2024
