RNS Number : 5335X
BCB Holdings Ltd
17 August 2009
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2009
Belize City, Belize, August 14, 2009 -- BCB Holdings Limited (London - AIM: BCB) ("BCB Holdings") reported net income of $14.6m (2008 -- $17.7m) for the quarter ended June 30, 2009, the first quarter of fiscal 2010.
Earnings per share for the quarter ended June 30, 2009 was $0.17 (2008 -- $0.30).
Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said:
"Financial Services has made a satisfactory start to fiscal 2010 with operating income of $11.3 million achieved in a continuing weak economic environment in our countries of operation"
"The Company's share of our associate Numar's income was $4.4 million, somewhat lower then 2008 principally as a result of prevailing market prices in the palm oil market"
"Earnings per share are lower than last year mainly due to the dilutive effect of the shares issued on the previously announced acquisition of Cockleshell Limited completed in May 2009"
Background Information
The Financial Services division operates principally through the Belize Bank in Belize, British Caribbean Bank in the Turks and Caicos Islands and internationally through British Caribbean Bank International Limited which is based in Belize. Within Belize, the Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending into each of the six districts of Belize. The principal operations of the Bank are commercial lending, consumer lending, deposit-taking and related banking activities. In Turks and Caicos the Bank is one of the largest commercial lenders.
The Company's associate, Numar, owns edible oil processing and distribution operations and palm seed plantations principally in Costa Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed.
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044 UK +44 (0)20 7248 6700
Belize +501 227 7178
Note: This and other press releases are available at the Company's web site: http://www.bcbholdings.com.
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 Months ended June 30 2009$m 2008$m
Financial Services
Interest income 24.3 25.1
Interest expense (12.1) (10.1)
Net interest income 12.2 15.0
Provision for loan losses -- (1.0)
Net non-interest expense (0.9) (1.4)
Operating income - Financial Services 11.3 12.6
Corporate expenses (1.1) (1.6)
Total operating income 10.2 11.0
Associates 4.4 6.7
Net income 14.6 17.7
Earnings per ordinary share:
Basic and diluted:
Net income $0.17 $0.30
Number of shares - basic & diluted 83.6m 59.1m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
June 302009$m March 312009$m
Assets
Financial Services
Cash, cash equivalents and due from banks 49.9 47.5
Interest-bearing deposits with correspondent 89.7 84.5
banks
Loans - net 888.5 876.5
Property, plant and equipment - net 16.6 16.8
Other assets 44.2 47.2
Total Financial Services assets 1,088.9 1,072.5
Corporate
Cash and cash equivalents 0.2 0.2
Other current assets 0.7 0.5
Property, plant and equipment - net 0.1 0.1
Associates 95.0 97.0
Total assets 1,184.9 1,170.3
Liabilities and shareholders' equity
Financial Services
Deposits 594.5 646.9
Interest payable 9.7 8.9
Other liabilities 9.2 11.6
Long-term debt (2013/2014) 149.4 146.7
Total Financial Services liabilities 762.8 814.1
Corporate
Current liabilities 3.9 5.0
Long-term liabilities 1.2 1.2
Total liabilities 767.9 820.3
Total shareholders' equity 417.0 350.0
Total liabilities and shareholders' equity 1,184.9 1,170.3
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
3 Months ended June 30 2009$m 2008$m
Cash flows from operating activities
Net income 14.6 17.7
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 0.4 0.4
Provision for loan losses -- 1.0
Undistributed earnings of associates 2.0 (6.7)
Increase in interest payable 0.8 0.3
Changes in assets and liabilities - net (1.0) 3.9
Net cash provided by operating activities 16.8 16.6
Cash flows from investing activities
Purchase of property plant and equipment (net of disposals) (0.2) (0.3)
(Increase) decrease in interest-bearing deposits (5.2) 39.3
Decrease in Government securities 0.3 5.0
Increase in loans to customers (12.0) (58.0)
Net cash utilized by investing activities (17.1) (14.0)
Cash flows from financing activities
Decrease in deposits (52.4) (7.0)
Increase in long-term debt 2.7 2.4
Additional paid in capital 52.4 --
Increase in short-term debt -- 2.5
Net cash provided (utilized) by financing activities 2.7 (2.1)
Net change in cash, cash equivalents and due from banks 2.4 0.5
Cash, cash equivalents and due from banks at beginning of 47.7 44.1
period
Cash, cash equivalents and due from banks at end of period 50.1 44.6
This information is provided by RNS
The company news service from the London Stock Exchange
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