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Caribbean Investment Holdings Limited Announces Financial Results for the 6 Months Ended 30th, September 2021

08 December 2021

Hamilton, Bermuda: 8^th, December 2021 – In a filing with the Bermuda Stock Exchange Caribbean Investment Holdings Limited. (the "Company”; Ticker: CIHL.BH) announced the financial results for the 6 months ended 30^th, September 2021. The full filing stated:

CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE 6 MONTHS ENDED SEPTEMBER 30, 2021

Road Town, Tortola, British Virgin Islands, December 8, 2021 -- Caribbean Investment Holdings Limited (Bermuda - CIHL) (the "Company" or "CIHL").

The Company produced net income for the 6 months ended September 30, 2021 of $4.4 million (2020 - $0.7 million).

Interest income for the 6 months ended September 30, 2021 amounted to $25.4 million (2020 - $14.3 million). Interest expense for the 6 months ended September 30, 2021 amounted to $4.0 million (2020 - $2.1 million).

On March 31, 2021 the Company completed the acquisition of Scotiabank (Belize) Limited (since renamed “Belize Bank Corporation Limited”) for a total consideration of $20.7 million. Pursuant to the IFRS rules of acquisition accounting, the results of Belize Bank Corporation Limited have been included in the consolidated income statement with effect from April 1, 2021. The impact of the COVID19 pandemic continues to be reflected in the financial results for the current period.

The transfer of the business of Belize Bank Corporation Limited to The Belize Bank Limited (“Belize Bank”) and the consolidation of both businesses under Belize Bank is expected to be completed by March 31, 2022. Consequently, the current year financial performance of the Company will continue to be affected by costs related to the consolidation of its subsidiary banking businesses until that date.

The Company's balance sheet remains strong with shareholders' equity of $129.4 million at September 30, 2021.

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	2021	2020
Financial Services
Interest income	25.4	14.3
Interest expense	(4.0)	(2.1)
Net interest income	21.4	12.2
Charge of allowances for impairment of loans to customers	(3.6)	(2.9)
Net interest income after allowance for impairment of loans	17.8	9.3
Non-interest income	6.4	2.4
Non-interest expense	(14.7)	(8.1)
Operating income - Financial Services	9.5	3.6
Corporate
Corporate income	0.1	0.7
Corporate expenses	(0.9)	(1.8)
Operating loss - Corporate	(0.8)	(1.1)

Net income before tax and non recurring items	8.7	2.5
Taxation	(4.3)	(1.9)
Net income before other comprehensive income	4.4	0.6
Other comprehensive income:	-	0.1

Total comprehensive income	4.4	0.7

Income earnings per ordinary share (basic and diluted)	$ 0.03	$ 0.01

Caribbean Investment Holdings Limited
Consolidated balance sheets (unaudited)
US dollars in millions

At 30 September	2021	2020
Assets
Financial Services
Cash and cash equivalents	19.6	12.2
Balances with the Central Bank of Belize	221.2	47.0
Due from banks (net of allowances)	82.4	22.4
Investment securities	151.8	125.7
Loans to customers (net of allowances)	443.9	231.9
Property, plant and equipment	20.3	17.4
Due from Government of Belize (net of allowance)	36.6	38.7
Other assets	3.4	2.2
Total Financial Services assets	979.2	497.5
Corporate
Cash, cash equivalents, and due from banks	1.7	20.9
Other current assets	0.2	0.4
Total assets	981.1	518.8

Liabilities and shareholders’ equity
Financial Services
Customer accounts	835.9	401.1
Lease liability	0.3	0.3
Other liabilities	15.2	6.6
Total Financial Services liabilities	851.4	408.0
Corporate
Current liabilities	0.3	0.5
Total liabilities	851.7	408.5

Shareholders’ equity:
Share capital	48.7	48.7
Retained earnings	80.7	61.6
Total shareholders’ equity	129.4	110.3
Total liabilities and shareholders’ equity	981.1	518.8

Caribbean Investment Holdings Limited
Consolidated statements of changes in shareholders' equity (unaudited)
US dollars in millions


	Share	Treasury	Retained
	capital	shares	earnings	Total
	$m	$m	$m	$m

At 31 March 2020	53.3	(21.7)	60.9	92.5
Accumulated other comprehensive income	-	-	(0.1)	(0.1)
Cancellation of treasury shares	(21.7)	21.7	-	-
Issuance of shares	17.1	-	-	17.1
Net income	-	-	15.5	15.5
At 31 March 2021	48.7	-	76.3	125.0
Accumulated other comprehensive loss	-	-	-	-
Net income	-	-	4.4	4.4
At 30 September 2021	48.7	-	80.7	129.4

Caribbean Investment Holdings Limited
Consolidated statements of cash flows (unaudited)
US dollars in millions


Six months ended 30 September	2021	2020
Cash flows from operating activities
Net income	8.7	2.5
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation	2.1	1.3
Allowance for impairment on loans to customers	3.6	2.9
Changes in assets and liabilities:
Decrease in Government of Belize Receivable	1.4	0.8
Decrease in other and current assets	-	0.6
Decrease in other and current liabilities	0.3	(0.5)
Tax paid	(4.3)	(1.9)
Net cash generated by operating activities	11.8	5.7
Cash flows from investing activities
Purchase of property, plant and equipment (net of disposals)	(1.4)	(0.4)
Proceeds from sale of property, plant, and equipment	-	0.1
Increase in investment securities	(22.6)	(5.9)
Increase in loans (net of charge-offs) to customers	24.8	(1.1)
Net cash generated by (used in) investing activities	0.8	(7.3)
Cash flows from financing activities
Decrease in customer accounts	9.9	(7.8)
Share issue	-	17.1
Unrealized gain on securities	-	0.1
Net cash generated by financing activities	9.9	9.4
Net change in cash, cash equivalents and due from banks	22.5	7.8
Cash, cash equivalents and due from banks at beginning of year	302.4	94.7
Cash, cash equivalents and due from banks at end of year	324.9	102.5
Cash and cash equivalents - financial services	19.6	12.2
Balances with Central Bank of Belize - financial services	221.2	47.0
Due from banks (net of allowances) - financial services	82.4	22.4
Cash, cash equivalents and due from banks - corporate	1.7	20.9
	324.9	102.5

For further information contact:

Caribbean Investment Holdings Limited

UK +44 (0)207 248 6700

Belize +501 227 7178

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) and Belize Bank Corporation Limited (BBCL) are incorporated and based in Belize and focus 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 and BBCL are two of the largest, full service commercial and retail banking operations with branches extended into each of the six districts of Belize. The principal operations of the banks are commercial lending, consumer lending, deposit taking and related banking activities.

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