Level 2

Company Announcements

Final Results

By LSE RNS

RNS Number : 2651S
Caribbean Investment Holdings Ltd
29 September 2017
 

This announcement contains inside information.

CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINAL RESULTS AND POSTING OF ANNUAL REPORT AND ACCOUNTS

 

Belize City, Belize, September 29, 2017 -- Caribbean Investment Holdings Limited (London - AIM:  CIHL;  Bermuda - CIHL) (the "Company" or "CIHL") announces its final results for the year ended 31 March 2017 and confirms that the annual report and accounts are now available to view on the Company's website, www.cihltd.co and are today being posted to shareholders.

 

 

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 (in US dollars)








2017


2016

Year ended March 31



$m


$m

Financial Services






Interest income



            42.0


             37.6

Interest expense



            (6.8)


             (7.9)

Net interest income



            35.2


             29.7

Allowance for loan losses



          (19.2)


           (18.5)

Net interest income after allowance for loan losses



            16.0


             11.2

Non-interest income



            11.1


             13.2

Non-interest expense



          (22.2)


           (20.2)

Operating income before non-recurring loss



              4.9


               4.2

Non-recurring net income



                 - 


               1.8

Operating income - Financial Services



              4.9


               6.0

Corporate






Corporate income



              1.0


               1.1

Corporate expenses



            (4.4)


             (3.9)

Operating loss - Corporate



            (3.4)


             (2.8)







Net income before tax



              1.5


               3.2

Taxation



            (3.9)


             (2.6)

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


            (2.4)


               0.6

Other comprehensive income:






Unrealized losses on securities



            (0.1)


             (0.6)

Total comprehensive (loss) income



            (2.5)


               0.0







(Loss) earnings per ordinary share (basic and diluted)



 $     (0.02)


 $          0.01

 

 

Consolidated balance sheets (in US dollars)












2017


2016

At March 31


$m


$m

Assets





Financial Services





Cash and cash equivalents


            12.0


             11.5

Balances with the Central Bank of Belize


         121.2


           150.7

Due from banks (net of allowances)


            19.0


             24.9

Investment securities


            46.4


             11.8

Loans to customers (net of allowances)


         268.0


           288.7

Property, plant and equipment


            18.6


             16.3

Due from Government of Belize (net of allowance)

            29.8


             25.2

Other assets


            10.9


             17.5

Total Financial Services assets


         525.9


           546.6

Corporate





Cash, cash equivalents, and due from banks


              2.6


               4.9

Other current assets


              0.6


               0.4

Total assets


         529.1


           551.9






Liabilities and shareholders' equity





Financial Services





Customer accounts


         453.5


           475.5

Interest payable


              3.4


               3.8

Provisions


                 - 


               0.4

Other liabilities


              8.8


               6.4

Total Financial Services liabilities


         465.7


           486.1

Corporate





Current liabilities


              8.2


               8.1

Total liabilities


         473.9


           494.2






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


            23.5


             26.0

Total shareholders' equity


            55.2


             57.7

Total liabilities and shareholders' equity


         529.1


           551.9

 

 

Consolidated statements of cash flows (in US dollars)









2017


2016

Year ended March 31

$m


$m

Cash flows from operating activities




Net (loss) income from operations

            (2.4)


               0.6

Adjustments to reconcile net (loss) income to net cash




     provided by operating activities:




Depreciation

              1.6


               1.7

Allowance for loan losses

            19.2


             18.5

Changes in assets and liabilities:




(Decrease) increase in interest payable

            (0.4)


               0.1

Increase in Government of Belize Receivable

            (4.6)


             (7.2)

Decrease (increase) in other and current assets

              6.4


             (3.6)

Increase (decrease) in other and current liabilities

              2.1


             (1.4)

Net cash provided by operating activities

            21.9


               8.7





Cash flows from investing activities




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

            (3.9)


             (1.5)

(Increase) decrease in investment securities

          (34.6)


             34.4

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

              1.5


             13.3

Net cash (utilized) provided by investing activities

          (37.0)


             46.2





Cash flows from financing activities




Decrease in deposits

          (22.0)


         (101.8)

Unrealized losses on securities

            (0.1)


             (0.6)

Net cash utilized by financing activities

          (22.1)


         (102.4)





Net change in cash, cash equivalents and due from banks

          (37.2)


           (47.5)

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

         192.0


           239.5

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

         154.8


           192.0





Cash and cash equivalents - financial services

            12.0


             11.5

Balances with Central Bank of Belize - financial services

         121.2


           150.7

Due from banks - financial services

            19.0


             24.9

Cash, cash equivalents and due from banks - corporate

              2.6


               4.9


         154.8


           192.0

 


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