Bank ABC (Arab Banking Corporation) announced its results for the first half of this year reporting a net loss of $67 million, attributable to the shareholders of the parent as a result of increase in loan loss provisions, largely related to a major client fraud case.
A significant H1 ECL charge of $174m (H1 2019 $21m) largely as a result of a major client fraud, combined with the forward-looking nature of IFRS9, pushed the group to a net loss of $67m.