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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 December 31, 1977.
The year under review has been one of balanced growth and consolidation. Your Management's efforts in this direction are reflected in the financial figures which are highlighted in this Report. The Management base continues to be strengthened at all levels commensurate with the growth of the Organisation.
As will be noted from the consolidated balance sheet, the Group Banks have more than doubled their capital base during 1977 from U.S.$50,070,71 1 to U.S.$113,887,229 resulting in a sound financial foundation and permitting a greater flexibility in their worldwide operations. The total resources of the bank rose to over U.S.$2.2 billion as against U.S.$1.65 billion in 1976. The profit for the year after provision for taxes, loan losses and other reserves amounted to U.S.$17,146,280.
The worldwide network of branches of the Group Banks continued to expand during 1977 and thirty four new branches were opened during the year, raising the total at the year end to one hundred and six. The BCCI Group now operates in 32 countries mostly through its branches and in some cases through representative offices. The Management is confident that this extensive network of branches in the key market places of the world will be greatly helpful in achieving the goals of the bank in 1978.
The Directors propose that the shareholders adopt the Consolidated Statement of Condition and Statement of Earnings as submitted.
The Directors take this opportunity to thank the Central Banking agencies in the countries where the Group Banks are operating and the Bank of America Organisation for the guidance extended by them during the year 1977.
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.