BCB Holdings Ltd First Quarter Results (8849G)

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                                           [phone] 
   Belize                                      [phone] 

Cenkos Securities plc

   Nicholas Wells                        [phone] 

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 
--------------------------------------------   -------------  ------------- 
 

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