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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  BCB Holdings Ltd       BZP091111088

BCB HOLDINGS LTD
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BCB Holdings Ltd : 16 December 2013 BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED SEPTEMBER 30, 2013

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12/16/2013 | 06:38pm CEST

BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED SEPTEMBER 30, 2013

Belize City, Belize, December 16, 2013 -- BCB Holdings Limited (London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company" or "BCBHL")

The Company reported a net loss from operations of $1.2m for the three months ended September
30, 2013 (2012 - net income of $0.8m), and a net loss per ordinary share from continuing operations for the three months of $0.01 (2012 - net income per share of $0.01).
The Company reported a net loss from operations of $2.1m for the six months ended September 30,
2013 (2012 - net income of $2.6m), and a net loss per ordinary share from continuing operations for the six months of $0.02 (2012 - net income per share of $0.03).

Background Information

BCB Holdings Limited 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"), which is incorporated and based in Belize, focuses on the provision of financial services and lending to domestic clients, and Belize Bank International Limited, which is incorporated and based in Belize, 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.
For further information contact:

BCB 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 web site:
http://www.bcbholdings.com

1

BCB Holdings Limited Financial Information

Summarized Consolidated Statements of Income (unaudited)

US dollars in millions except per share data

3 months ended

September 30,

2013

3 months ended

September 30,

2012

6 months ended

September 30,

2013

6 months ended

September 30,

2012

Financial Services

Interest income 10.5 10.1 20.6 19.5

Interest expense (2.8) (3.5) (5.6) (7.3)

Net interest income 7.7 6.6 15.0 12.2

Provision for loan losses (5.4) (2.0) (9.0) (2.4) Net non-interest expense (2.3) (2.9) (5.7) (5.4)

Operating income - Financial Services -- 1.7 0.3 4.4

Corporate expenses (1.2) (0.9) (2.4) (1.8)

Net (loss) income (1.2) 0.8 (2.1) 2.6

(Loss) Earnings per share: basic and diluted

Net (loss) income $(0.01) $0.01 $(0.02) $0.03

Number of shares - (basic & diluted) 100.0m 100.0m 100.0m 100.0m

Consolidated Statements of Changes in Shareholders' Equity (unaudited)

Net loss -- -- -- (2.1) (2.1)

At September 30, 2013 0.6 52.8 (21.7) 52.0 83.7

Summarized Consolidated Balance Sheet (unaudited)

Financial Services September 30 2013 $m March 31 2013 $m

Cash, cash equivalents and due from banks 125.3 125.2
Interest-bearing deposits with correspondent banks 53.2 17.6
Investment Securities 31.8 81.8
Government of Belize securities 26.2 31.0
Loans - net 333.2 350.7
Property, plant and equipment - net 15.8 15.8
Government of Belize receivable 20.9 20.9

Other assets 38.0 37.9

Total Financial Services assets 644.4 680.9 Corporate

Cash and cash equivalents 5.4 7.3

Other current assets 3.4 2.4

Total assets 653.2 690.6 Liabilities and shareholders' equity Financial Services

Deposits 549.5 580.9
Interest payable 5.0 5.1

Other liabilities 6.6 10.9

Total Financial Services liabilities 561.1 596.9 Corporate

Current liabilities 7.2 6.5

Long-term liabilities 1.2 1.2

Total liabilities 569.5 604.6 Total shareholders' equity 83.7 86.0 Total liabilities and shareholders' equity 653.2 690.6

Summarized Consolidated Statement of Cash Flows (unaudited)

6 Months ended September 30

2013

$m

2012

$m

Cash flows from operating activities

Net (loss) income from continuing operations

(2.1)

2.6

Adjustments to reconcile net loss to net cash

provided by operating activities:

Depreciation

0.9

0.8

Provision for loan losses

9.0

2.4


Decrease in interest payable (0.1) (0.9) Changes in assets and liabilities - net (4.7) (3.6)

Net cash provided by operating activities 3.0 1.3

Cash flows from investing activities

Purchase of property plant and equipment (net of disposals) (0.9) (1.6) (Increase) decrease in interest-bearing deposits (35.6) 25.5
Decrease (increase) in Government securities 4.8 (24.9) Decrease in Investment securities 50.0 --
Decrease in loans to customers 8.5 5.5

Net cash provided by investing activities 26.8 4.5

Cash flows from financing activities

Decrease in deposits (31.4) (7.8) Other movements (0.2) (0.2)

Net cash utilized by financing activities (31.6) (8.0)
Net change in cash, cash equivalents and due from banks (1.8) (2.2) Cash, cash equivalents and due from banks at beginning of period 132.5 155.2

Cash, cash equivalents and due from banks at end of period 130.7 153.0
- ENDS -

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