Source - RNS
RNS Number : 1410L
Caribbean Investment Holdings Ltd
29 September 2016
 

This announcement contains inside information.

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

 

Belize City, Belize, September 29, 2016 -- Caribbean Investment Holdings Limited (London - AIM:  CIHL;  Bermuda - CIHL) (the "Company" or "CIHL") announces its final results for the year ended 31 March 2016 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)







2016


2015

Year ended March 31



$m


$m

Financial Services






Interest income



             37.6


             40.4

Interest expense



             (7.9)


             (8.7)

Net interest income



             29.7


             31.7

Allowance for loan losses



           (18.5)


           (17.8)




             11.2


             13.9

Non-interest income



             13.2


             16.0

Non-interest expense



           (20.2)


           (24.4)

Operating loss before non-recurring loss



               4.2


               5.5

Non-recurring net income (loss)



               1.8


           (14.5)

Operating income (loss) - Financial Services



               6.0


             (9.0)

Corporate






Corporate Income



               1.1


               1.2

Corporate expenses



             (3.9)


             (4.8)

Operating loss - Corporate



             (2.8)


             (3.6)







Net income (loss) before tax



               3.2


           (12.6)

Taxation



             (2.6)


             (4.6)

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


               0.6


           (17.2)

Other comprehensive income:






Unrealized (losses) gains on securities



             (0.6)


               0.6

Total comprehensive income (loss)



               0.0


           (16.6)







Earnings (loss) per ordinary share (basic and diluted)



 $          0.01


 $        (0.17)

 

 

  

Consolidated balance sheets (in US dollars)











2016


2015

At March 31


$m


$m

Assets





Financial Services





Cash, cash equivalents and due from banks


           172.1


           183.6

Interest-bearing deposits


             15.0


             55.9

Investment securities


             11.8


             46.2

Loans - net


           288.7


           320.5

Property, plant and equipment - net


             16.3


             16.4

Government of Belize receivable


             25.2


             18.0

Other assets


             17.5


               8.2

Total Financial Services assets


           546.6


           648.8

Corporate





Cash and cash equivalents


               4.9


                 - 

Property, plant and equipment - net


                 - 


               0.1

Other current assets


               0.4


               6.1

Total assets


           551.9


           655.0






Liabilities and shareholders' equity





Financial Services





Deposits


           475.5


           577.3

Interest payable


               3.8


               3.7

Provisions


               0.4


                 - 

Other liabilities


               6.4


               8.2

Total Financial Services liabilities


           486.1


           589.2

Corporate





Current liabilities


               8.1


               8.1

Total liabilities


           494.2


           597.3






Shareholders' equity:





Share capital (ordinary shares of no par value -          





      2016 and 2015 -103,642,984)


               0.6


               0.6

Additional paid-in capital


             52.8


             52.8

Treasury shares


           (21.7)


           (21.7)

Retained earnings


             26.0


             26.0

Total shareholders' equity


             57.7


             57.7

Total liabilities and shareholders' equity


           551.9


           655.0

 

 

Consolidated statements of cash flows (in US dollars)









2016   


2015   

Year ended March 31

$m   


$m   

Cash flows from operating activities




Net income (loss) from operations

               0.6


           (17.2)

Adjustments to reconcile net income (loss) to net cash




     provided by operating activities:




Depreciation

               1.7


               2.2

Allowance for loan losses

             18.5


             17.8

Changes in assets and liabilities:




Decrease in interest payable

               0.1


             (0.6)

(Increase) decrease in Government of Belize Receivable

             (7.2)


               6.6

(Increase) decrease in other and current assets

             (3.6)


             21.2

(Decrease) in other and current liabilities

             (1.4)


             (1.8)

Net cash provided by operating activities

               8.7


             28.2





Cash flows from investing activities




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

             (1.5)


             (1.4)

Decrease (increase) in interest-bearing deposits with correspondent banks

             40.9


             (1.6)

Decrease (increase) in investment securities

             34.4


             (8.9)

Decrease in Government of Belize securities

                 - 


             20.0

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

             13.3


           (12.1)

Net cash provided (utilized) by investing activities

             87.1


             (4.0)





Cash flows from financing activities




(Decrease) in deposits

         (101.8)


           (15.7)

Unrealized gains on securities

             (0.6)


               0.6

Net cash (utilized) provided by financing activities

         (102.4)


           (15.1)





Net change in cash, cash equivalents and due from banks

             (6.6)


               9.1

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

           183.6


           174.5

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

           177.0


           183.6





Cash - financial services

           172.1


           183.6

Cash - corporate

               4.9


                 - 


           177.0


           183.6

 


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