BSX - Bermuda Stock Exchange Ltd.

12/20/2017 | News release | Distributed by Public on 12/20/2017 09:44

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