Oracle Financial Services Software (OFSS) has settled the claim with Allied Irish Banks PLC (AIB). The claim has been settled with no admission of liability on November 18, 2011. AIB still remains customer of the company. Further, the settlement is already covered by a provision in the accounts and thus the company does not expect it to have a material impact on the present or future operations of the company, or on its profitability or financials.
Earlier on February 2011, Allied Irish Banks PLC had made a claim against Oracle Financial Services Software and its wholly owned subsidiary - Oracle Financial Services Software B.V.
The company’s net profit for the quarter has declined by 21.79% at Rs 165.42 crore as compared to Rs 211.52 crore for the quarter ended September 30, 2010. The company’s total revenue has increased by 6.17% at Rs 618.34 crore for the second quarter of the current fiscal whereas the same was at Rs 582.41 crore for the similar period of the last year.
