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Caribbean Invest Hld (CIHL)

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Wednesday 20 December, 2017

Caribbean Invest Hld

Half-year Report

RNS Number : 8610Z
Caribbean Investment Holdings Ltd
20 December 2017
 

This announcement contains inside information.

CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2017

 

Belize City, Belize, December 20, 2017 -- Caribbean Investment Holdings Limited (London - AIM:  CIHL;  Bermuda - CIHL) (the "Company" or "CIHL")

 

The Company reported a net income from operations of $9.4m for the six months ended September 30, 2017 (2016 - net loss of $3.8m), and a net income per ordinary share from continuing operations for the six months of $0.09 (2016 - net loss per share of $0.04).

 

 

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 (unaudited)






US dollars in millions except per share data









2017


2016

Year ended March 31



$m


$m

Financial Services






Interest income



20.8


21.3

Interest expense



(2.7)


(3.6)

Net interest income



18.1


17.7

Allowance for loan losses



1.4


(12.6)

Net interest income after allowance for loan losses



19.5


5.1

Non-interest income



4.8


5.6

Non-interest expense



(10.7)


(11.0)

Operating income - Financial Services



13.6


(0.3)

Corporate






Corporate income



0.5


0.5

Corporate expenses



(2.9)


(2.2)

Operating loss - Corporate



(2.4)


(1.7)







Net income (loss) before tax



11.2


 (2.0)

Taxation



(1.8)


(1.8)

Net income (loss) after tax and before other comprehensive income


9.4


(3.8)

Other comprehensive income:






Unrealized gain on securities



                -  


               0.3

Total comprehensive income (loss)



               9.4


             (3.5)







Income (loss) earnings per ordinary share (basic and diluted)



 $     0.09


 $   (0.04)

 

 

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, 2016

               0.6


             52.8


       (21.7)


        26.0


   57.7











Accumulated other










 comprehensive loss

                 - 


                 - 


             - 


        (0.1)


    (0.1)

Net loss

                 - 


                 - 


             - 


        (2.4)


    (2.4)











At March 31, 2017

               0.6


             52.8


       (21.7)


        23.5


   55.2











Accumulated other










 comprehensive income

                 - 


                 - 


             - 


             - 


        - 

Net income

                 - 


                 - 


             - 


          9.4


     9.4

At September 30, 2017

               0.6


             52.8


       (21.7)


        32.9


   64.6

 

   

Caribbean Investment Holdings Limited





Consolidated balance sheets (unaudited)





US dollars in millions







2017


2016

At September 30


$m


$m

Assets





Financial Services





Cash and cash equivalents


             14.1


             13.0

Balances with the Central Bank of Belize


             78.5


           168.3

Due from banks (net of allowances)


             20.4


             12.5

Investment securities


             64.3


             63.1

Loans to customers (net of allowances)


           264.2


           275.4

Property, plant and equipment


             20.5


             15.8

Due from Government of Belize (net of allowance)


             32.3


             27.4

Other assets


               9.1


             20.1

Total Financial Services assets


           503.4


           595.6

Corporate





Cash, cash equivalents, and due from banks


               1.0


               3.7

Other current assets


               1.0


               0.6

Total assets


           505.4


           599.9






Liabilities and shareholders' equity





Financial Services





Customer accounts


           421.2


           524.2

Interest payable


               2.9


               3.9

Other liabilities


               8.5


               9.4

Total Financial Services liabilities


           432.6


           537.5

Corporate





Current liabilities


               8.2


               8.2

Total liabilities


           440.8


           545.7






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


             32.9


             22.5

Total shareholders' equity


             64.6


             54.2

Total liabilities and shareholders' equity


           505.4


           599.9

 

 

Caribbean Investment Holdings Limited




Consolidated statements of cash flows (unaudited)




US dollars in millions









2017


2016

Six months ended September 30

$m


$m

Cash flows from operating activities




Net income (loss) from operations

9.4


(3.8)

Adjustments to reconcile net (loss) income to net cash




     provided by operating activities:




Depreciation

0.9


0.8

Allowance for loan losses

(1.4)


6.6

Changes in assets and liabilities:




(Decrease) increase in interest payable

(0.5)


0.1

Increase in Government of Belize Receivable

(2.5)


(2.2)

Decrease (increase) in other and current assets

1.4


(2.8)

(Decrease) increase in other and current liabilities

(0.3)


2.7

Net cash provided by operating activities

7.0


1.4





Cash flows from investing activities




Purchase of property, plant and equipment (net of disposals)

(2.8)


(0.3)

Increase in investment securities

(17.9)


(51.3)

Decrease in loans (net of charge-offs) to customers

5.2


6.7

Net cash utilized by investing activities

(15.5)


(44.9)





Cash flows from financing activities




(Decrease) increase in deposits

(32.3)


48.7

Unrealized losses on securities

-


0.3

Net cash (utilized) provided by financing activities

(32.3)


49.0





Net change in cash, cash equivalents and due from banks

(40.8)


5.5

Cash, cash equivalents and due from banks at beginning of year

154.8


192.0

Cash, cash equivalents and due from banks at end of year

114.0


197.5





Cash and cash equivalents - financial services

14.1


13.0

Balances with Central Bank of Belize - financial services

78.5


168.3

Due from banks - financial services

20.4


12.5

Cash, cash equivalents and due from banks - corporate

1.0


3.7


114.0


197.5

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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