We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 : 8609X
Caribbean Investment Holdings Ltd
23 December 2019
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED - HALF-YEAR REPORT AND DIVID DECLARATION
Belize City, Belize, December 23, 2019 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL")
HALF-YEARLY RESULTS FOR THE SIX MONTHSED SEPTEMBER 30, 2019
Highlights:
-- net income before non-recurring items for the six months of US$5.1m (2018 - net income of US$6.8m)
-- net income per ordinary share from continuing operations for the six months of US$0.12 (2018 - net income per share of US$0.07)
-- interest income for the six months decreased by US$0.3m due to reduced loan principal balances, offset by a US$0.4m decrease in interest costs for the six months
-- while prior year results included a credit for allowance for impairment of loans for the six months, the current year results reflect a charge of US$0.5 million contributing to the comparative decrease in net income before non-recurring items
-- interim dividend declared of US$0.07 per share
Financial Summary:
Hot Features
Premium
Caribbean Investment Holdings Limited
Financial Information
Consolidated statements of comprehensive income (unaudited)
US dollars in millions except per share data
Six months ended 30 September 2019 2018
-------------------------------------------------------------------- -------------------- ------------------
Financial Services
Interest income 16.0 16.3
Interest expense (2.5) (2.9)
---------------------------------------------------------------------- -------------------- ------------------
Net interest income 13.5 13.4
(Charge) credit of allowances for impairment of loans to customers (0.5) 1.3
---------------------------------------------------------------------- -------------------- ------------------
Net interest income after allowance for impairment of loans 13.0 14.7
Non-interest income 4.0 5.4
Non-interest expense (8.8) (9.9)
---------------------------------------------------------------------- -------------------- ------------------
Operating income - Financial Services 8.2 10.2
---------------------------------------------------------------------- -------------------- ------------------
Corporate
Corporate income 0.5 0.5
Corporate expenses (1.6) (2.0)
---------------------------------------------------------------------- -------------------- ------------------
Operating loss - Corporate (1.1) (1.5)
---------------------------------------------------------------------- -------------------- ------------------
Net income before tax and non recurring items 7.1 8.7
Taxation (2.0) (1.9)
---------------------------------------------------------------------- -------------------- ------------------
Net income before non recurring items and before other comprehensive
income 5.1 6.8
Non recurring item ** 7.2 -
-------------------------------------------------------------------- -------------------- ------------------
Net income before other comprehensive income 12.3 6.8
Other comprehensive income: - -
Net gain on financial assets at FVOCI - -
-------------------------------------------------------------------- -------------------- ------------------
Total comprehensive income 12.3 6.8
Income earnings per ordinary share (basic and diluted) $ 0.12 $ 0.07
---------------------------------------------------------------------- -------------------- ------------------
** On 01 August 2019, 6,999,997 in share options expired; the non recurring item reflects
the reversal of the related liability.
Caribbean Investment Holdings
Limited
Consolidated statements of changes in shareholders' equity
(unaudited)
US dollars in millions
Additional
Share paid in Treasury Statutory Retained
capital capital shares reserve earnings Total
$m $m $m $m $m $m
--------------------------------- --------- ---------------- ------------- ------------- ------------ ----------
At 01 April 2018 (restated
opening balance under IFRS 9) 0.5 52.8 (21.7) 7.0 40.7 79.3
Accumulated other comprehensive
loss - - - - 0.1 0.1
Net income - - - - 10.7 10.7
--------------------------------- --------- ---------------- ------------- ------------- ------------ ----------
At 31 March 2019 0.5 52.8 (21.7) 7.0 51.5 90.1
Accumulated other comprehensive - - - - - -
loss
Net income - - - - 12.3 12.3
--------------------------------- --------- ---------------- ------------- ------------- ------------ ----------
At 30 September 2019 0.5 52.8 (21.7) 7.0 63.8 102.4
--------------------------------- --------- ---------------- ------------- ------------- ------------ ----------
Caribbean Investment Holdings Limited
Consolidated balance sheets (unaudited)
US dollars in millions
At 30 September 2019 2018
-------------------------------------------------- ------------------ ------------------
Assets
Financial Services
Cash and cash equivalents 10.4 10.1
Balances with the Central Bank of Belize 45.6 47.5
Due from banks (net of allowances) 41.8 21.6
Investment securities 137.4 134.5
Loans to customers (net of allowances) 238.7 240.3
Property, plant and equipment 18.6 19.7
Due from Government of Belize (net of allowance) 40.4 42.7
Other assets 6.4 5.1
Total Financial Services assets 539.3 521.5
--------------------------------------------------- ------------------ ------------------
Corporate
Cash, cash equivalents, and due from banks 1.0 0.6
Other current assets 0.4 0.2
Total assets 540.7 522.3
--------------------------------------------------- ------------------ ------------------
Liabilities and shareholders' equity
Financial Services
Customer accounts 429.5 424.2
Other liabilities 7.8 7.9
Total Financial Services liabilities 437.3 432.1
--------------------------------------------------- ------------------ ------------------
Corporate
Current liabilities 1.0 7.9
Total liabilities 438.3 440.0
--------------------------------------------------- ------------------ ------------------
Shareholders' equity:
Share capital (ordinary shares of no par value -
2019 (103,264,000) and 2018 (103,264,000) 0.5 0.5
Additional paid-in capital 52.8 52.8
Treasury shares (21.7) (21.7)
Retained earnings 70.8 50.7
Total shareholders' equity 102.4 82.3
--------------------------------------------------- ------------------ ------------------
Total liabilities and shareholders' equity 540.7 522.3
--------------------------------------------------- ------------------ ------------------
Caribbean Investment Holdings Limited
Consolidated statements of cash flows (unaudited)
US dollars in millions
Six months ended 30 September 2019 2018
---------------------------------------------------------------- ------------------ ------------------
Cash flows from operating activities
Net income 12.3 6.8
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1.2 1.0
Allowance for impairment on loans to customers 0.5 (1.3)
Changes in assets and liabilities:
Decrease in Government of Belize Receivable 0.8 4.0
Decrease in other and current assets 0.2 1.3
(Decrease) in other and current liabilities (7.7) (4.2)
Net cash provided by operating activities 7.3 7.6
---------------------------------------------------------------- ------------------ ------------------
Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals) (0.4) (0.5)
Increase in investment securities (4.5) (39.4)
Decrease in loans (net of charge-offs) to customers (2.3) (1.2)
Net cash utilized by investing activities (7.2) (41.1)
---------------------------------------------------------------- ------------------ ------------------
Cash flows from financing activities
(Decrease) in deposits (0.9) (10.8)
Unrealized losses on securities - -
Net cash utilized by financing activities (0.9) (10.8)
---------------------------------------------------------------- ------------------ ------------------
Net change in cash, cash equivalents and due from banks (0.8) (44.3)
Cash, cash equivalents and due from banks at beginning of year 99.6 124.1
Cash, cash equivalents and due from banks at end of year 98.8 79.8
---------------------------------------------------------------- ------------------ ------------------
Cash and cash equivalents - financial services 10.4 10.1
Balances with Central Bank of Belize - financial services 45.6 47.5
Due from banks (net of allowances) - financial services 41.8 21.6
Cash, cash equivalents and due from banks - corporate 1.0 0.6
98.8 79.8
---------------------------------------------------------------- ------------------ ------------------
INTERIM DIVIDEND
Given the improved financial performance of the business, supported by the turnaround in the performance of The Belize Bank Limited, the Board has approved an interim dividend of US$ 0.07 per share, being a total interim distribution of US$7 million. The Board expects that it will continue to make further distributions to shareholders through dividends from time to time, as may be appropriate considering the Company's financial position.
For ordinary shareholders who, as of the Record Date, are individuals and have a registered address in Belize on the Company's Register of Members, the dividend shall be paid in Belize dollars, converted at a rate of US$ 1.00 to BZ$ 2.00, and shall be settled on the BZD Payment Date.
For all other shareholders as of the Record Date, the dividend shall be paid in pounds sterling, converted at the rate of US$1.00 to GBP 0.77, and shall be settled on the GBP Payment Date.
Interim Dividend Payment Timetable:
-- Ex-dividend date: 2 January 2020 -- Record Date: 3 January 2020
-- BZD Payment Date (for shareholders receiving the dividend in Belize dollars): January 24, 2020
-- GBP Payment Date (for all other shareholders): January 24, 2020
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)207 397 8920
Note: This and other press releases are available at the Company's website: 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 one of 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.
- Ends -
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
IR TJBTTMBITBLL
(END) Dow Jones Newswires
December 23, 2019 07:51 ET (12:51 GMT)
1 Year Caribbean Investment Chart |
1 Month Caribbean Investment Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
