Recent Research

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  FIRST LOOK NOTES

  27 Oct 2026

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  9.75

  Target Price

  11.00

  Upside (%)

  +12.82%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 3Q26 - First Look Note

  The Bank revised its 2026 guidance to high-single-digit loan growth (previously mid-to-high single digits) and lowered its cost of risk guidance to below 40 bps (previously below 50 bps). CBD revised its 2026 NIM guidance to 2.80–2.90% (previously 2.70–2.80%), cost-to-income ratio to below 27.0% (previously below 28.0%) and after-tax ROE to above 21.0% (previously above 18.0%).

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  EARNINGS CALL INSIGHT

  22 Oct 2026

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  9.67

  Target Price

  11.00

  Upside (%)

  +13.75%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 3Q26 - Earnings Call Insight

  Net funded income increased 1.6% YOY to AED 1,091 Mn in 3Q26, supported by lower funded expenses, partially offset by a decline in funded income. Furthermore, calculated net interest margins (NIMs) improved by 1 bps YOY and 17 bps QOQ to 2.9% in 3Q26.

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• 

  FIRST LOOK NOTES

  23 Jul 2026

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  9.50

  Target Price

  10.70

  Upside (%)

  +12.63%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 2Q26 - First Look Note

  Commercial Bank of Dubai (“CBD, “the Bank”) net profit grew 2.1% YOY to AED 886 Mn in 2Q26, in line with our estimate of AED 867 Mn. The growth was supported by higher non-funded income and lower impairment charges, partially offset by lower net funded income, higher operating expenses and taxes.

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• 

  EARNINGS CALL INSIGHT

  23 Jul 2026

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  9.50

  Target Price

  10.70

  Upside (%)

  +12.63%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 2Q26 - Earnings Call Insight

  CBD's Net profit increased by 2.1% YOY and 6.7% QOQ to AED 886 Mn in 2Q26, supported by lower impairment charges and higher non-funded income, partially offset by lower net funded income, higher operating expenses, and taxes.

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  FIRST LOOK NOTES

  24 Apr 2026

  Commercial Bank Of Dubai (CBD)

  BUY

  Last Closing Price

  9.04

  Target Price

  10.70

  Upside (%)

  +18.36%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 1Q26 - First Look Note

  The Bank expects loans to grow by mid-to-high single digits, along with stable CASA and deposit growth in 2026. Management revised its cost of risk guidance upward from below 50 bps to below 70 bps and maintained a cost-to-income ratio below 28% in 2026.

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  EARNINGS CALL INSIGHT

  23 Apr 2026

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  9.40

  Target Price

  10.70

  Upside (%)

  +13.83%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 1Q26 - Earnings Call Insight

  Net funded income rose 2.4% YOY to AED 1.0 Bn in 1Q26, supported by lower funded expenses, partially offset by a decline in funded income. However, calculated net interest margins (NIMs) declined by 27 bps YOY and 8 bps QOQ to 2.8% in 1Q26.

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