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BCC Group Annual Report & Accounts
Report of the Directors
The Shareholders:
The directors have pleasure in placing before you the second Statement of Condition as at December 31, 1974 and Statement of Earnings for the year ended December 31, 1974 together with the Auditors' Report. The net profit for the year ended December 31, 1974 is U.S. Dollars 2,918,274.50.
As indicated in the appropriation account, the directors have recommended payment of cash dividend at 15 percent and a stock dividend at 20 percent.
As would appear from the Statement of Condition, the bank has made satisfactory progress in all areas of operation. Deposits of the bank as on December 31, 1974 stood at U.S. Dollars 548.56 millions which reflects an increase of U.S. Dollars 366.51 millions on the figure of December 31, 1973. Five more branches have been opened during the year 1974 bringing the total number as on December 31, 1974 to 19.
On December 31, 1974 your bank received the undermentioned amounts as subordinated loan, which is proposed to be converted into share capital : -
U.S. Dollars 3,625,000.00 from BCCI Holdings (Luxembourg) S.A. U.S. Dollars 1,375,000.00 from Bank of America N.T. and S.A. We propose that the shareholders adopt the Statement of Condition and Statement of Earnings as submitted and approve the recommended appropriations.
The directors desire to express their thanks to Bank of America N.T. and S.A., for the co-operation extended by them to the bank during the year 1974.
You are required to give discharge to the directors and the statutory auditor and appoint statutory auditor for the next year. The directors place on record their appreciation for the loyalty, devotion and services rendered by the members of the staff.
Agha Hasan Abedi
President