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Arab Banking Corp says 2007 Profit Falls on Subprime - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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