Share Name Share Symbol Market Type Share ISIN Share Description
Caribbean Inv LSE:CIHL London Ordinary Share BZP211481122 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 13.50p 12.00p 15.00p 13.50p 13.50p 13.50p 872 06:40:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 1.2 -1.6 - 13.52

Caribbean Investment Holdings Ltd Final Results

29/09/2017 3:15pm

UK Regulatory (RNS & others)


Caribbean Inv (LSE:CIHL)
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3 Months : From Sep 2017 to Dec 2017

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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.

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

This information is provided by RNS

The company news service from the London Stock Exchange

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September 29, 2017 10:15 ET (14:15 GMT)

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