BSX-listed Belize bank posts $7.3m loss
Bermuda Stock Exchange-listed BCB Holdings Ltd, a bank based in Belize, suffered a net loss of $7.3 million for the year ended March 31, 2011, down from a profit of $25.9 million for the same period in 2010.The company made a net loss of seven cents per share versus earnings of 27 cents per share a year previous.For the quarter ended March 31, 2011 BCB Holdings reported a net loss of $27.6 million compared to $17.4 million in 2010 and a net loss of 28 cents per share versus 17 cents per share in 2010.As a consequence of the current economic environment in Belize and the Turks and Caicos Islands, where it is the biggest commercial lender, its non-performing loans and the associated loss of interest income have increased in fiscal 2011.The Financial Services division reported an operating loss of $21.9 million for the year after an exceptional charge of $36.4 million in respect of loan provisions against a total loan portfolio of $864 million.But the company closed the current fiscal year with a strong balance sheet with shareholders equity of $421.3 million and liquid assets of $142.7 million.