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Arab Banking Corp says 2007 Profit Falls on Subprime | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI, (Reuters) – Bahrain-based Arab Banking Corp said on Sunday 2007 profit fell on U.S. subprime related writedowns.

Net income for 2007 fell to $125 million from $202 million, the bank said in a statement.

“The significant change was entirely due to the net provision of $230 million resulting from securities’ writedowns that the group was obliged to take in the wake of the global credit squeeze that followed the U.S. subprime crisis,” the bank said.