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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Caribbean Investment Holdings Limited | LSE:CIHL | London | Ordinary Share | VGG1991M1032 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 26.50 | 25.00 | 28.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCIHL
RNS Number : 2651S
Caribbean Investment Holdings Ltd
29 September 2017
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINAL RESULTS AND POSTING OF ANNUAL REPORT AND ACCOUNTS
Belize City, Belize, September 29, 2017 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL") announces its final results for the year ended 31 March 2017 and confirms that the annual report and accounts are now available to view on the Company's website, www.cihltd.co and are today being posted to shareholders.
For further information contact:
Caribbean Investment Holdings Limited
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.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) 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. CIHL'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. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is the largest, full service commercial and retail banking operation with a head office in Belize City and eleven 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.
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Caribbean Investment Holdings Limited
Financial Information
Consolidated statements of comprehensive income (in US dollars)
2017 2016
Year ended March 31 $m $m
------------------------------------------------------------------- ------------------ ------------------
Financial Services
Interest income 42.0 37.6
Interest expense (6.8) (7.9)
--------------------------------------------------------------------- ------------------ ------------------
Net interest income 35.2 29.7
Allowance for loan losses (19.2) (18.5)
--------------------------------------------------------------------- ------------------ ------------------
Net interest income after allowance for loan losses 16.0 11.2
Non-interest income 11.1 13.2
Non-interest expense (22.2) (20.2)
--------------------------------------------------------------------- ------------------ ------------------
Operating income before non-recurring loss 4.9 4.2
Non-recurring net income - 1.8
--------------------------------------------------------------------- ------------------ ------------------
Operating income - Financial Services 4.9 6.0
--------------------------------------------------------------------- ------------------ ------------------
Corporate
Corporate income 1.0 1.1
Corporate expenses (4.4) (3.9)
--------------------------------------------------------------------- ------------------ ------------------
Operating loss - Corporate (3.4) (2.8)
--------------------------------------------------------------------- ------------------ ------------------
Net income before tax 1.5 3.2
Taxation (3.9) (2.6)
--------------------------------------------------------------------- ------------------ ------------------
Net (loss) income after tax and before other comprehensive income (2.4) 0.6
Other comprehensive income:
Unrealized losses on securities (0.1) (0.6)
--------------------------------------------------------------------- ------------------ ------------------
Total comprehensive (loss) income (2.5) 0.0
(Loss) earnings per ordinary share (basic and diluted) $ (0.02) $ 0.01
--------------------------------------------------------------------- ------------------ ------------------
Consolidated balance sheets (in US dollars)
2017 2016
At March 31 $m $m
-------------------------------------------------- ------------------ ------------------
Assets
Financial Services
Cash and cash equivalents 12.0 11.5
Balances with the Central Bank of Belize 121.2 150.7
Due from banks (net of allowances) 19.0 24.9
Investment securities 46.4 11.8
Loans to customers (net of allowances) 268.0 288.7
Property, plant and equipment 18.6 16.3
Due from Government of Belize (net of allowance) 29.8 25.2
Other assets 10.9 17.5
Total Financial Services assets 525.9 546.6
--------------------------------------------------- ------------------ ------------------
Corporate
Cash, cash equivalents, and due from banks 2.6 4.9
Other current assets 0.6 0.4
Total assets 529.1 551.9
--------------------------------------------------- ------------------ ------------------
Liabilities and shareholders' equity
Financial Services
Customer accounts 453.5 475.5
Interest payable 3.4 3.8
Provisions - 0.4
Other liabilities 8.8 6.4
Total Financial Services liabilities 465.7 486.1
--------------------------------------------------- ------------------ ------------------
Corporate
Current liabilities 8.2 8.1
Total liabilities 473.9 494.2
--------------------------------------------------- ------------------ ------------------
Shareholders' equity:
Share capital (ordinary shares of no par value -
2017 and 2016 -103,642,984) 0.6 0.6
Additional paid-in capital 52.8 52.8
Treasury shares (21.7) (21.7)
Retained earnings 23.5 26.0
Total shareholders' equity 55.2 57.7
--------------------------------------------------- ------------------ ------------------
Total liabilities and shareholders' equity 529.1 551.9
--------------------------------------------------- ------------------ ------------------
Consolidated statements of cash flows (in US dollars)
2017 2016
Year ended March 31 $m $m
---------------------------------------------------------------- ----------------- ------------------
Cash flows from operating activities
Net (loss) income from operations (2.4) 0.6
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation 1.6 1.7
Allowance for loan losses 19.2 18.5
Changes in assets and liabilities:
(Decrease) increase in interest payable (0.4) 0.1
Increase in Government of Belize Receivable (4.6) (7.2)
Decrease (increase) in other and current assets 6.4 (3.6)
Increase (decrease) in other and current liabilities 2.1 (1.4)
Net cash provided by operating activities 21.9 8.7
---------------------------------------------------------------- ----------------- ------------------
Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals) (3.9) (1.5)
(Increase) decrease in investment securities (34.6) 34.4
Decrease in loans (net of charge-offs) to customers 1.5 13.3
Net cash (utilized) provided by investing activities (37.0) 46.2
---------------------------------------------------------------- ----------------- ------------------
Cash flows from financing activities
Decrease in deposits (22.0) (101.8)
Unrealized losses on securities (0.1) (0.6)
Net cash utilized by financing activities (22.1) (102.4)
---------------------------------------------------------------- ----------------- ------------------
Net change in cash, cash equivalents and due from banks (37.2) (47.5)
Cash, cash equivalents and due from banks at beginning of year 192.0 239.5
Cash, cash equivalents and due from banks at end of year 154.8 192.0
---------------------------------------------------------------- ----------------- ------------------
Cash and cash equivalents - financial services 12.0 11.5
Balances with Central Bank of Belize - financial services 121.2 150.7
Due from banks - financial services 19.0 24.9
Cash, cash equivalents and due from banks - corporate 2.6 4.9
154.8 192.0
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This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEUFSUFWSELU
(END) Dow Jones Newswires
September 29, 2017 10:15 ET (14:15 GMT)
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