Arab Banking Corp says 2007 profit falls on subprime

DUBAI, Feb 3 (Reuters) - Bahrain-based Arab Banking Corp ABCB.BH 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.

(Reporting by John Irish; Editing by Alex Smith)