CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2020

Hamilton, Bermuda – 29 September 2020 - In a filing with the Bermuda Stock Exchange (“BSX”), Caribbean Investment Holdings Limited (London – AIM:  CIHL; Bermuda – CIHL) (the “Company” or “CIHL”) announced financial results for the fiscal year ended March 31, 2020.  The filing stated.

Caribbean Investment Holdings Limited (London – AIM: CIHL; Bermuda – CIHL) (the “Company” or “CIHL”).

The Company and its subsidiaries (the "Group") produced a net income before tax of $13.5 million in fiscal 2020 which represents an 8% decrease from prior year’s results due largely to an $11.2 million increase in credit impairment charges reflecting management’s estimation of an increase in credit losses as a result of the adverse impact of the COVID-19 pandemic on the global economy. This impairment charge was offset by a non-recurring item of $7.2 million being the reversal of a provision that was established for share options issued in 2008 but which expired in August 2019.

While interest income decreased by 2%, the Group realized cost savings from a reduction in interest costs and lowering of its non- interest expenses. Operating losses from the Corporate segment were reduced from $3.2 million to $2.3 million also as a result of cost savings measures taken.

Net income per share for the year amounted to $0.09 in fiscal 2020 which represented an 18% decrease from fiscal 2019's earnings per share of $0.11.

The Company’s balance sheet remains strong with shareholders’ equity of $92.5 million at 31 March 2020 compared with $90.1 million last year.

On 22 June 2020, the Company announced its entry into an agreement with The Bank of Nova Scotia and its regional subsidiary, Scotiabank Caribbean Holdings Limited, to purchase 100% of the issued share capital of its Belizean subsidiary Scotiabank (Belize) Limited (“SBL”). The acquisition is subject to regulatory approval and is expected to be completed before the end of fiscal 2021.

With   the   ongoing   COVID-19   pandemic   causing   significant   uncertainty   within   global   banking   markets   including      the Caribbean and Belize, the Company’s Board has decided not to apay a final dividend for the year ended 31 March 2020. The Board will review its dividend policy for the current fiscal year once banking markets have returned to a more stable state.

The Company confirms that the annual report and accounts are now available to view on the Company’s website, www.cihltd.coand will be posted to shareholders.

For further information contact:

Caribbean Investment Holdings Limited

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 a 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.

The full release can be found by using the following link: 

https://cihl.ir-data.com/article/id/178