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BCC Group Annual Report & Accounts
Report of the Directors
The Shareholders:
The Directors have pleasure in placing before you the Consolidated Statement of Condition and Statement of Earnings, together with the Auditor's Report of BCCI Holdings (Luxembourg) S. A., and its subsidiaries for the year ended 31st December 1975.
As would appear from the Statements of Condition and Earnings, the group companies have made satisfactory progress in all areas of operation. The total deposits of the group stood at U.S. S1023.6 million as at 31st December 1975, which reflects an increase of U.S. $474.6 million on the figures of December 31, 1974. The profit for the year 1975 after provision for taxes amount to U.S. $6,695,485. 29 more branches have been opened during the year 1975 by the subsidiary banks, bringing the total number as on December 31, 1975 to 50.
We propose that shareholders adopt the consolidated Statement of Condition and Statements of Earnings as submitted.
The Directors desire to express their thanks to the Banking Commissioner, Luxembourg, and other Central Bank agencies in countries where its subsidiary banks are now operating, and also the Bank of America organisation for the co-operation and kindness extended by them to the Bank during the year 1975. The Directors place on record their appreciation for the loyalty, devotion and services rendered by the members of the staff.
Agha Hasan
President