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Global Investment House (Global) is pleased to announce that the Court of Appeals of Dubai in its hearing held today ruled to accept the settlement agreement between “Global” and National Bank of Umm Al Qaiwain (NBQ), thereby bringing to an end a long pending legal dispute.
This settlement will have no impact on the Company’s cash flows or income streams since the associated rewards and certain risks of this litigation were transferred to the Company’s legacy Financiers in context of the debt restructuring transaction concluded on 22 July 2013 (refer RNS number 9690J dated 23 July 2013 or note 22 of the Company’s 2013 Audited Financial Statements). Nevertheless, this settlement removes the extremely remote, however high impact contingent risks associated with any negative outcomes of the litigation.
National Bank of Umm Al Qaiwain (NBQ) on Wednesday reported a net profit of Dh123.39 million, up 20 per cent for the first quarter of 2017 compared to Dh102.4 million in the same quarter last year.
National Bank of Umm Al Qaiwain (NBQ) reported a net profit of Dh102.4 million in the first quarter of 2016 compared to Dh102.8 million in the same quarter last year.
Bank’s operating inco
National Bank of Umm Al-Qaiwain (NBQ) on Monday reported a net profit of Dh102.88 million for first quarter of 2015, compared to Dh95.31 million reported in the same period last year.
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