26th Feb 2013 15:33
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2012
Belize City, Belize, February 26, 2013 -- BCB Holdings Limited (London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company")
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. BCBHL's subsidiary financial holding company, BB International Limited, owns the investments in The Belize Bank Limited (BBL), which is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients, and Belize Bank International Limited, which 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.
Financial Information
The financial information included in this report as at March 31, 2012 and December 31, 2012 and for the nine months ended December 31, 2012 reflects the performance of the businesses described above. The comparative income statement for the nine months ended December 31, 2011, reflects the impact of the demerger by the Company of Waterloo Investment Holdings Limited, which became effective on October 26, 2011. In accordance with accounting standards, the income statement for the nine months ended December 31, 2011 has been presented to separately disclose the results from continuing and discontinued operations.
Results - nine months ended December 31, 2012
On this basis, the Company reported a net income from continuing operations of $4.7m for the nine months ended December 31, 2012 (2011 - net loss $8.7m), and a net income per ordinary share from continuing operations for the nine months of $0.05 (2011 - net loss $0.09).
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044 UK +44 (0)20 7248 6700
Belize +501 227 7178
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 ended December 31, 2012 | 3 months ended December 31, 2011 | 9 months ended December 31, 2012 | 9 months ended December 31, 2011 | |
Interest income |
10.0 |
10.1 |
29.5 |
31.0 |
Interest expense | (3.3) | (4.7) | (10.6) | (16.1) |
Net interest income | 6.7 | 5.4 | 18.9 | 14.9 |
Provision for loan losses | (0.8) | (4.1) | (3.2) | (11.9) |
Net non-interest expense | (2.7) | (2.4) | (8.1) | (7.8) |
Operating income (loss) - Financial Services | 3.2 | (1.1) | 7.6 | (4.8) |
Corporate expenses | (1.1) | (1.3) | (2.9) | (3.9) |
Net income (loss) - continuing operations | 2.1 | (2.4) | 4.7 | (8.7) |
Net loss - discontinued operations | -- | (10.7) | -- | (0.6) |
Net income (loss) | 2.1 | (13.1) | 4.7 | (9.3) |
Earnings (loss) per share: basic and diluted
| ||||
Net income (loss) - continuing operations | $0.02 | $(0.02) | $0.05 | $(0.09) |
Net income (loss)- discontinued operations | $0.00 | $(0.11) | $0.00 | $(0.00) |
Net income (loss) | $0.02 | $(0.13) | $0.05 | $(0.09) |
Number of shares - (basic & diluted) | 100.0m | 100.0m | 100.0m | 100.0m |
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
December 31 2012 $m | March 31 2012 $m | |
Financial Services | ||
Cash, cash equivalents and due from banks | 128.3 | 146.7 |
Interest-bearing deposits with correspondent banks | 35.0 | 31.0 |
Other securities | 31.8 | 10.6 |
Government of Belize securities | 40.9 | 18.5 |
Loans - net | 373.6 | 375.7 |
Property, plant and equipment - net | 15.7 | 15.1 |
Other assets | 67.7 | 67.8 |
Total Financial Services assets | 693.0 | 665.4 |
Corporate | ||
Cash and cash equivalents | 7.0 | 8.5 |
Other current assets | 2.6 | 1.3 |
Total assets | 702.6 | 675.2 |
Liabilities and shareholders' equity | ||
Financial Services | ||
Deposits | 570.7 | 545.6 |
Interest payable | 5.1 | 6.5 |
Other liabilities | 6.5 | 8.0 |
Total Financial Services liabilities | 582.3 | 560.1 |
Corporate | ||
Current liabilities | 6.6 | 5.9 |
Long-term liabilities | 1.2 | 1.2 |
Total liabilities | 590.1 | 567.2 |
Total shareholders' equity | 112.5 | 108.0 |
Total liabilities and shareholders' equity | 702.6 | 675.2 |
|
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
9 Months ended December 31 | 2012 $m | 2011 $m |
Cash flows from operating activities | ||
Net income (loss) from continuing operations | 4.7 | (9.3) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 1.3 | 1.1 |
Provision for loan losses | 3.2 | 11.9 |
Decrease in interest payable | (1.4) | (1.7) |
Changes in assets and liabilities - net | (2.0) | (0.1) |
Net cash provided by operating activities - continuing | 5.8 | 1.9 |
Net cash utilized by operating activities - discontinued | -- | (4.3) |
Net cash provided (utilized) by operating activities | 5.8 | (2.4) |
Cash flows from investing activities | ||
Purchase of property plant and equipment (net of disposals) | (1.9) | (3.1) |
(Increase) decrease in interest-bearing deposits | (4.0) | 0.8 |
(Increase) decrease in Government securities | (22.4) | 10.4 |
Increase in other securities | (21.2) | (1.5) |
Increase in loans to customers | (1.1) | (4.1) |
Other | (0.2) | -- |
Net cash (utilized) provided by investing activities | (50.8) | 2.5 |
Cash flows from financing activities | ||
Increase in deposits | 25.1 | 1.0 |
Decrease in long term debt | -- | (0.6) |
Net cash provided by financing activities | 25.1 | 0.4 |
Net change in cash, cash equivalents and due from banks | (19.9) | 0.5 |
Cash, cash equivalents and due from banks at beginning of period | 155.2 | 130.2 |
Cash, cash equivalents and due from banks at end of period | 135.3 | 130.7 |
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Related Shares:
CIHL.L