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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 : 9008K
Caribbean Investment Holdings Ltd
19 December 2018
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHSED SEPTEMBER 30, 2018
Belize City, Belize, December 19, 2018 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL")
The Company reported a net income from operations of $6.8m for the six months ended September 30, 2018 (2017 - net income of $9.4m), and a net income per ordinary share from continuing operations for the six months of $0.07 (2017 - net income per share of $0.09).
Interest income decreased by $4.5m due to (i) a payout of banana industry loans totaling $28.5m in March 2018 and (ii) a reduction in the interest rate charged on the LCIA Award from 17.0% per annum to a statutory rate of 6.0% as determined by the Caribbean Court of Justice following their judgment in favor of The Belize Bank Limited in November 2017. Similar to prior year's results, the allowance for loan losses reflects a credit balance as the Company reported a reversal of allowances for the six months ended September 30, 2018 resulting from better than expected recoveries from the sale of collateral.
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 (unaudited)
US dollars in millions except per share data
Six months ended September 30 2018 2017
------------------------------------------------------------- ------------------ ------------------
Financial Services
Interest income 16.3 20.8
Interest expense (2.9) (2.7)
--------------------------------------------------------------- ------------------ ------------------
Net interest income 13.4 18.1
Allowance for loan losses 1.3 1.4
--------------------------------------------------------------- ------------------ ------------------
Net interest income after allowance for loan losses 14.7 19.5
Non-interest income 5.4 4.8
Non-interest expense (9.9) (10.7)
--------------------------------------------------------------- ------------------ ------------------
Operating income - Financial Services 10.2 13.6
--------------------------------------------------------------- ------------------ ------------------
Corporate
Corporate income 0.5 0.5
Corporate expenses (2.0) (2.9)
--------------------------------------------------------------- ------------------ ------------------
Operating loss - Corporate (1.5) (2.4)
--------------------------------------------------------------- ------------------ ------------------
Net income before tax 8.7 11.2
Taxation (1.9) (1.8)
--------------------------------------------------------------- ------------------ ------------------
Net income after tax and before other comprehensive income 6.8 9.4
Other comprehensive income:
Unrealized gain on securities - -
------------------------------------------------------------- ------------------ ------------------
Total comprehensive income 6.8 9.4
Income earnings per ordinary share (basic and diluted) $ 0.07 $ 0.09
--------------------------------------------------------------- ------------------ ------------------
Caribbean Investment
Holdings Limited
Consolidated statements of changes in
shareholders' equity (unaudited)
US dollars in millions
Additional
Share paid in Treasury Retained
capital capital shares earnings Total
$m $m $m $m $m
-------------------------- ------------------- ------------------ -------------- -------------- ---------
At April 1, 2017 0.6 52.8 (21.7) 23.5 55.2
Accumulated other
comprehensive loss - - - (0.1) (0.1)
Acquisition of shared in
capital reorganization (0.1) (0.1)
Dividend (0.1) (0.1)
Net income - - - 20.6 20.6
-------------------------- ------------------- ------------------ -------------- -------------- ---------
At March 31, 2018 0.5 52.8 (21.7) 43.9 75.5
Accumulated other
comprehensive loss - - - - -
Net income - - - 6.8 6.8
-------------------------- ------------------- ------------------ -------------- -------------- ---------
At September 30, 2018 0.5 52.8 (21.7) 50.7 82.3
-------------------------- ------------------- ------------------ -------------- -------------- ---------
Caribbean Investment Holdings Limited
Consolidated balance sheets (unaudited)
US dollars in millions
At September 30 2018 2017
-------------------------------------------------- ------------------ ------------------
Assets
Financial Services
Cash and cash equivalents 10.1 14.1
Balances with the Central Bank of Belize 47.5 78.5
Due from banks (net of allowances) 21.6 20.4
Investment securities 134.5 64.3
Loans to customers (net of allowances) 240.3 264.2
Property, plant and equipment 19.7 20.5
Due from Government of Belize (net of allowance) 42.7 32.3
Other assets 5.1 9.1
Total Financial Services assets 521.5 503.4
--------------------------------------------------- ------------------ ------------------
Corporate
Cash, cash equivalents, and due from banks 0.6 1.0
Other current assets 0.2 1.0
Total assets 522.3 505.4
--------------------------------------------------- ------------------ ------------------
Liabilities and shareholders' equity
Financial Services
Customer accounts 424.2 424.1
Other liabilities 7.9 8.5
Total Financial Services liabilities 432.1 432.6
--------------------------------------------------- ------------------ ------------------
Corporate
Current liabilities 7.9 8.2
Total liabilities 440.0 440.8
--------------------------------------------------- ------------------ ------------------
Shareholders' equity:
Share capital (ordinary shares of no par value -
2018 and 2017 -103,642,984) 0.5 0.6
Additional paid-in capital 52.8 52.8
Treasury shares (21.7) (21.7)
Retained earnings 50.7 32.9
Total shareholders' equity 82.3 64.6
--------------------------------------------------- ------------------ ------------------
Total liabilities and shareholders' equity 522.3 505.4
--------------------------------------------------- ------------------ ------------------
Caribbean Investment Holdings Limited
Consolidated statements of cash flows (unaudited)
US dollars in millions
Six months ended September 30 2018 2017
---------------------------------------------------------------- ------------------ ------------------
Cash flows from operating activities
Net income from operations 6.8 9.4
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1.0 0.9
Allowance for loan losses (1.3) (1.4)
Changes in assets and liabilities:
(Decrease) increase in interest payable - (0.5)
Increase (decrease) in Government of Belize Receivable 4.0 (2.5)
Decrease in other and current assets 1.3 1.4
(Decrease) in other and current liabilities (4.2) (0.3)
Net cash provided by operating activities 7.6 7.0
---------------------------------------------------------------- ------------------ ------------------
Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals) (0.5) (2.8)
Increase in investment securities (39.4) (17.9)
Decrease in loans (net of charge-offs) to customers (1.2) 5.2
Net cash utilized by investing activities (41.1) (15.5)
---------------------------------------------------------------- ------------------ ------------------
Cash flows from financing activities
(Decrease) in deposits (10.8) (32.3)
Unrealized losses on securities - -
Net cash utilized by financing activities (10.8) (32.3)
---------------------------------------------------------------- ------------------ ------------------
Net change in cash, cash equivalents and due from banks (44.3) (40.8)
Cash, cash equivalents and due from banks at beginning of year 124.1 154.8
Cash, cash equivalents and due from banks at end of year 79.8 114.0
---------------------------------------------------------------- ------------------ ------------------
Cash and cash equivalents - financial services 10.1 14.1
Balances with Central Bank of Belize - financial services 47.5 78.5
Due from banks - financial services 21.6 20.4
Cash, cash equivalents and due from banks - corporate 0.6 1.0
79.8 114.0
---------------------------------------------------------------- ------------------ ------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 19, 2018 02:00 ET (07:00 GMT)
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