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

Hamilton, Bermuda: December 20, 2017 - In a filing with the Bermuda Stock Exchange (“BSX”), Caribbean Investment Holdings Limited (London – AIM:  CIHL; Bermuda – CIHL) (the “Company” or “BCBHL”) announced its results for the six months ended 30 September 2017.  The filing stated:

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