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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 and affiliates for the year ended 31st. December 1976.
The Group Banks continue to show progress in all areas of operation. The consolidated capital base has increased from U.S. $23,982,203 in 1975 to U.S. $50,070,711 at the end of 1976. Total deposits of the Group stood at U.S. $ 1,304,814,516 as at 31st December 1976 as compared to U.S. $1,023,604,997 as at 31st December 1975. The profit for the year 1976 after provision for taxes amounts to U.S. $ I 3,743.548.
The Group banks continue to expand their worldwide network of Branches. Twenty two more branches have been opened during the year 1976 bringing the total number as at the end of 1976 to seventy two.
A major event during the year under review was the acquisition of 55 per cent, interest by BCCI Holdings (Luxembourg) S.A. in Banque de Commerce et de Placements S.A. This bank has its headquarters in Geneva and operates two branches in Switzerland at Geneva and Zurich. In Management's view this bank will provide a vital link to BCCI's worldwide operation.
We propose that the shareholders adopt the Consolidated Statement of Condition and Statement of Earnings as submitted.
The Directors take this opportunity to thank 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 guidance extended by them during the year 1976.
The Directors place on record their appreciation for the loyalty, devotion and services rendered by the members of the staff.
Agha Hasan Abedi
Director and President