CBL head: ABC group recorded losses of 67 million USD

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CBL head: ABC group recorded losses of 67 million USD

August 17, 2020 - 12:49
Written by: SafaAlharathy

The Arab Banking Corporation ABC has recorded a net loss of 67 million USD, said the CBL head and CEO of the ABC group, Saddek Elkaber, on Saturday.

Elkaber indicated that these losses were derived from unnatural circumstances, as a result of factoring substantial allocations for future credit losses, a large amount of it was related to a massive fraud operated by one customer.

However, the CBL head emphasized that despite the losses suffered by the bank, its general balance sheet and operations showed its great capabilities to deal with these circumstances, noting that its capital and liquidity levels remained very high, as its credit rating is still at the level of investment grade.