• During the current quarter, the Bank and Global Investment House-Kuwait have signed an out of court settlement agreement to withdraw from legal proceedings and resolve all outstanding issues, claims and counter claims between both parties. As per the terms of settlement agreement, Bank will receive AED 271.62 million which comprises of a compensation amount and refund of penal interest amount. The settlement agreement was accredited by the Dubai Court of appeal on 1st April 2015 to be adopted between the parties and was made as powerful as an execution deed. Receipt of this amount of AED 271.62 million will be recorded as and when received, which will result in an additional other income.
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