Caribbean Investment Holdings Ltd Half-year Report (7722I)
16 Dezembro 2020 - 4:00AM
UK Regulatory
TIDMCIHL
RNS Number : 7722I
Caribbean Investment Holdings Ltd
16 December 2020
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED - HALF-YEAR REPORT
Belize City, Belize, December 16, 2020 -- Caribbean Investment
Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the
"Company" or "CIHL")
HALF-YEARLY RESULTS FOR THE SIX MONTHSED SEPTEMBER 30, 2020
Despite the pandemic, CIHL delivered a net profit before
non-recurring items of US$0.6m (2019 - net income of US$5.1m) for
the six months ended 30 September 2020.
Interest income Interest income for the six months decreased by US$1.7m or 11% due largely to minimal
loan
fees earned as lending was restricted during the period; additionally, interest reversals
were recorded for two large commercial loans during the half year.
Non-interest income Non-interest income decreased by US$1.6 million as the pandemic had significantly
affected
the flows of foreign currency thereby adversely impacting foreign exchange income as well
as the cards business of the domestic bank.
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Interest expense Interest costs decreased by US$0.4m being a result of decreased interest rates on fixed
deposits.
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Credit impairment charges Credit impairment charges increased by US$2.4 million reflecting the impact of revised
IFRS
9 scenarios cognizant of the adverse impact of the COVID-19 pandemic.
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Non-interest expenses Non-interest expenses decreased by US$0.7m reflecting cost discipline measures introduced
following the pandemic.
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Non-recurring item Prior year's results include a non-recurring item of $7.2 million resulting from the
reversal
of a liability previously recorded for share options which expired on 01 August 2019.
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Financial Summary:
Caribbean Investment Holdings Limited
Financial Information
Consolidated statements of comprehensive income (unaudited)
US dollars in millions except per share data
Six months ended 30 September 2020 2019
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Financial Services
Interest income 14.3 16.0
Interest expense (2.1) (2.5)
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Net interest income 12.2 13.5
Charge of allowances for impairment of loans to customers (2.9) (0.5)
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Net interest income after allowance for impairment of loans 9.3 13.0
Non-interest income 2.4 4.0
Non-interest expense (8.1) (8.8)
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Operating income - Financial Services 3.6 8.2
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Corporate
Corporate income 0.7 0.5
Corporate expenses (1.8) (1.6)
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Operating loss - Corporate (1.1) (1.1)
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Net income before tax and non-recurring items 2.5 7.1
Taxation (1.9) (2.0)
------------------------------------------------------------------------ ------------------ ------------------
Net income before non-recurring items and before other comprehensive
income 0.6 5.1
Non-recurring item ** - 7.2
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Net income before other comprehensive income 0.6 12.3
Other comprehensive income: 0.1 -
Net gain on financial assets at FVOCI - -
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Total comprehensive income 0.7 12.3
Income earnings per ordinary share (basic and diluted) $ 0.01 $ 0.12
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** On 01 August 2019, 6,999,997 in share options expired; the non-recurring item reflects
the reversal of the related liability.
Caribbean Investment Holdings Limited
Consolidated statements of changes in shareholders' equity (unaudited)
US dollars in millions
Called up
share capital and Treasury Statutory Retained
share premium shares reserve earnings Total
$m $m $m $m $m
----------------------------------------- ------------------ ------------- ------------- ------------ ----------
At 31 March 2019 53.3 (21.7) 7.0 51.5 90.1
Accumulated other comprehensive income - - - - -
Dividends - - - (7.0) (7.0)
Transfer to statutory reserve - - 0.3 (0.3) -
Net income - - - 9.4 9.4
----------------------------------------- ------------------ ------------- ------------- ------------ ----------
At 31 March 2020 53.3 (21.7) 7.3 53.6 92.5
Accumulated other comprehensive loss - - - 0.1 0.1
Issuance of shares 17.1 - - - 17.1
Cancellation of treasury shares (21.7) 21.7 - - -
Net income - - - 0.6 0.6
----------------------------------------- ------------------ ------------- ------------- ------------ ----------
At 30 September 2020 48.7 - 7.3 54.3 110.3
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Caribbean Investment Holdings Limited
Consolidated balance sheets (unaudited)
US dollars in millions
At 30 September 2020 2019
-------------------------------------------------- ------------------ ------------------
Assets
Financial Services
Cash and cash equivalents 12.2 10.4
Balances with the Central Bank of Belize 47.0 45.6
Due from banks (net of allowances) 22.4 41.8
Investment securities 125.7 137.4
Loans to customers (net of allowances) 231.9 238.7
Property, plant and equipment 17.4 18.6
Due from Government of Belize (net of allowance) 38.7 40.4
Other assets 2.2 6.4
Total Financial Services assets 497.5 539.3
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Corporate
Cash, cash equivalents, and due from banks 20.9 1.0
Other current assets 0.4 0.4
Total assets 518.8 540.7
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Liabilities and shareholders' equity
Financial Services
Customer accounts 401.1 429.5
Lease liability 0.3 -
Other liabilities 6.6 7.8
Total Financial Services liabilities 408.0 437.3
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Corporate
Current liabilities 0.5 1.0
Total liabilities 408.5 438.3
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Shareholders' equity:
Called up share capital and share premium 48.7 53.3
Treasury shares - (21.7)
Retained earnings 61.6 70.8
Total shareholders' equity 110.3 102.4
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Total liabilities and shareholders' equity 518.8 540.7
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Caribbean Investment Holdings Limited
Consolidated statements of cash flows (unaudited)
US dollars in millions
Six months ended 30 September 2020 2019
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Cash flows from operating activities
Net income 2.5 14.3
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1.3 1.2
Allowance for impairment on loans to customers 2.9 0.5
Changes in assets and liabilities:
Decrease in Government of Belize Receivable 0.8 0.8
Decrease in other and current assets 0.6 0.2
Decrease in other and current liabilities (0.5) (7.7)
Tax paid (1.9) (2.0)
Net cash generated by operating activities 5.7 7.3
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Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals) (0.4) (0.4)
Proceeds from sale of property, plant, and equipment 0.1 -
Increase in investment securities (5.9) (4.5)
Increase in loans (net of charge-offs) to customers (1.1) (2.3)
Net cash used in investing activities (7.3) (7.2)
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Cash flows from financing activities
Decrease in customer accounts (7.8) (0.9)
Share issue 17.1 -
Unrealized gain on securities 0.1 -
Net cash generated by (used in) financing activities 9.4 (0.9)
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Net change in cash, cash equivalents and due from banks 7.8 (0.8)
Cash, cash equivalents and due from banks at beginning of year 94.7 99.6
Cash, cash equivalents and due from banks at end of year 102.5 98.8
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Cash and cash equivalents - financial services 12.2 10.4
Balances with Central Bank of Belize - financial services 47.0 45.6
Due from banks (net of allowances) - financial services 22.4 41.8
Cash, cash equivalents and due from banks - corporate 20.9 1.0
102.5 98.8
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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)207 397 8920
Note: This and other press releases are available at the
Company's website: 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 one of 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.
- Ends -
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IR BIBDDGDBDGGU
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December 16, 2020 02:00 ET (07:00 GMT)
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