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BCB Holdings Limited Announces Results for First Quarter Ended 30 June 2015

26 November 2015

Hamilton, Bermuda: 26 November 2015 - BCB Holdings Limited (London – AIM: BCB; Bermuda – BBHL) (the “Company” or “BCBHL”) reported a net income from operations of $1.8m for the three months ended June 30, 2015 (2014 – net income of $1.8m), and a net income per ordinary share from continuing operations for the three months of $0.02 (2014 – net income per share of $0.02).

BCB Holdings Limited

Summarized Consolidated Statements of Comprehensive Income (unaudited)
US dollars in millions except per share data

3 months ended June 30	2015	2014
	$m	$m
Financial Services
Interest income	8.6	10.1
Interest expense	(2.0)	(2.3)
Net interest income	6.6	7.8
Provision for loan losses	(2.4)	(2.2)
Net non-interest expense	(0.9)	(1.6)
Operating income - Financial Services	3.3	4.0
Corporate expenses	(0.8)	(1.1)
Net income before tax	2.5	2.9
Taxation	(0.7)	(1.1)
Net income after tax and before other comprehensive income	1.8	1.8
Other comprehensive income:
Unrealized (losses) gains on securities	(0.8)	0.4
Comprehensive income	1.0	2.2

Earnings per ordinary share:
Basic and diluted:
Net income	$0.02	$0.02

Number of shares - basic and diluted	99.9m	99.9m

Summarized 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 March 31, 2014	0.6	52.8	(21.7)	42.6	74.3
Accumulated other comprehensive income	-	-	-	0.6	0.6
Net loss	-	-	-	(17.2)	(17.2)
At March 31, 2015	0.6	52.8	(21.7)	26.0	57.7
Accumulated other comprehensive income	-	-	-	(0.8)	(0.8)
Net income	-	-	-	1.8	1.8
At June 30, 2015	0.6	52.8	(21.7)	27.0	58.7


Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions

	June 30	March 31
	2015	2015
	$m	$m
Assets
Financial Services
Cash, cash equivalents and due from banks	138.5	183.6
Interest-bearing deposits with correspondent banks	19.2	55.9
Other securities	22.9	46.2
Government of Belize securities	30.3	-
Current assets	210.9	285.7
Loans - net	315.5	320.5
Property, plant and equipment - net	16.1	16.4
Government of Belize receivable	18.3	18.0
Other assets	7.6	8.2
Total Financial Services assets	568.4	648.8
Corporate
Cash and cash equivalents	0.4	0.1
Property, plant and equipment - net	0.1	-
Other current assets	6.3	6.1
Total assets	575.2	655.0

Liabilities and shareholders' equity
Financial Services
Deposits	498.3	577.3
Interest payable	3.1	3.7
Other liabilities	6.8	8.2
Total Financial Services liabilities	508.2	589.2
Corporate
Current liabilities	8.3	8.1
Total liabilities	516.5	597.3

Total shareholders' equity	58.7	57.7
Total liabilities and shareholders' equity	575.2	655.0

Summarized Consolidated Statements of Cash Flows (unaudited)
US dollars in millions

3 Months ended June 30		2015	2014
		$m	$m
Cash flows from operating activities
Net income from operations		1.8	1.8
Adjustments to reconcile net income to net cash
	provided by operating activities:
Depreciation		0.5	0.4
Provision for loan losses		2.4	2.2
Decrease in interest payable		(0.6)	(1.0)
Changes in assets and liabilities - net		(1.1)	(0.3)
Net cash provided by operating activities		3.0	3.1

Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals)		(0.2)	(0.2)
Decrease (increase) in interest-bearing deposits with correspondent banks		36.7	(1.3)
Decrease (increase) in investment securities		23.3	(2.6)
(Increase) decrease in Government of Belize securities		(30.3)	11.0
Decrease in loans (net of charge-offs) to customers		2.6	2.0
Net cash provided by investing activities		32.1	8.9

Cash flows from financing activities
(Decrease) increase in deposits		(79.0)	35.0
Other movements		(0.8)	0.4
Net cash (utilized) provided by financing activities		(79.8)	35.4

Net change in cash, cash equivalents and due from banks		(44.7)	47.4
Cash, cash equivalents and due from banks at beginning of period		183.6	174.5
Cash, cash equivalents and due from banks at end of period		138.9	221.9

Cash - financial services		138.5	218.9
Cash - corporate		0.4	3.0
		138.9	221.9

Background Information

BCB Holdings Limited (BCBHL) 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) 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. 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

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.bcbholdings.com