23rd Sep 2021 13:38
Caribbean Investment Holdings Ltd - holding company for subsidiaries offering banking services in Belize - Reports a 46% increase in net income before tax and before other comprehensive income to USD19.7 million in the year ended March 31, from USD13.5 million the year prior. Says the increase in net income is largely due to a USD8.7 million drop in credit impairment charges and a USD8.5 million gain on the acquisition of Scotiabank (Belize) Ltd, now renamed Belize Bank Corp Ltd. Earnings per share total USD0.12, up 33% from USD0.09 in financial 2020. Notes shareholders' equity of USD125.0 million at March 31, compared to USD92.5 million a year earlier. Decides against paying a dividend given ongoing uncertainty due to the Covid-19 pandemic.
"The Belizean economy collapsed in 2020, pummelled by the Covid-19 pandemic and related restrictions...Given its high dependence on tourism, and to a lesser extent agriculture, the outlook for the Belizean economy will be heavily dependent on the pace of recovery in the US market and the economic proposals and new stimulus package of the new government. In this environment, growth within the banking market is expected to be measured," says Chief Executive Lyndon Guiseppi.
Commits GBP2.0 million to fund a share buyback, using existing cash resources to reduce share capital. Instructs its broker, Cenkos Securities PLC, to acquire ordinary shares. Says the buyback will begin immediately and run until up to March 31, 2022.
Current stock price: 31.96 pence, up 18% on Thursday afternoon
Year-to-date change: down 20%
By Scarlett Butler; [email protected]
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