Bank ABC announces its Q3 2020 financial results

Bank ABC announces its Q3 2020 financial results

Bank ABC (Arab Banking Corporation B.S.C.) – Bahrain Bourse Trading Code “ABC” – today announces its results for the first nine months of 2020, showing signs of some recovery from the unprecedented and deeply challenging trading conditions encountered during H1 2020, while a number of the challenges encountered in the first half continue to impact our results. The Group started the year well with a strong balance sheet and good client transaction pipeline as we continued our digital and wholesale bank transformation. However, as the year progressed, our plans were heavily impacted by the unique combination of Covid19, collapse in oil prices and consequent economic and market pressures, together with the emergence of some major fraud cases which significantly affected Loan Loss Provisions. In Q3, the underlying business