Recent Research

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  FIRST LOOK NOTES

  25 Jul 2025

  Commercial Bank Of Dubai (CBD)

  HOLD

  Last Closing Price

  9.65

  Target Price

  9.25

  Upside (%)

  -4.15%

  Commercial Bank of Dubai (CBD)- 2Q25 First Look Note

  CBD’s funded income marginally declined 0.7% YOY to AED 1,876 Mn in 2Q25 and funded expenses shrank 10.1% YOY to AED 847 Mn in 2Q25. The Bank revised its NIMs guidance from 2.9-3.1% to 3.0-3.1% for 2025.

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• 

  EARNINGS CALL INSIGHT

  25 Jul 2025

  Commercial Bank Of Dubai (CBD)

  HOLD

  Last Closing Price

  9.65

  Target Price

  9.25

  Upside (%)

  -4.15%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 2Q25 - Earnings Call Insight

  Net funded income grew 8.7% YOY to AED 1.0 Bn in 2Q25, attributable to a decline in funded expense due to a contraction in cost of funds, partially offset by a 0.7% YOY decline in funded income as a result of a declining asset yield.

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• 

  FIRST LOOK NOTES

  25 Apr 2025

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  7.60

  Target Price

  8.55

  Upside (%)

  +12.50%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 1Q25 - First Look Note

  Net funded income rose 2.7% YOY to AED 985 Mn in 1Q25 due to lower funded expenses. Non-funded income fell 6.6% YOY to AED 386 Mn in 1Q25 due to the absence of one-off transactional gain booked in 1Q24. Cost of risk and NIMs guidance are revised upward to less than 50 bps and 2.9-3.1%, respectively, for 2025.

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• 

  FIRST LOOK NOTES

  23 Apr 2025

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  7.69

  Target Price

  8.55

  Upside (%)

  +11.18%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 1Q25 - Earnings Flash

  CBD’s Net profit rose 18.1% YoY to AED 828.1 Mn in 1Q25 which was higher than FABS estimates by 6.4% YoY driven by growth in Net interest income and lower net impairments loss.

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  FIRST LOOK NOTES

  04 Feb 2025

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  7.66

  Target Price

  8.55

  Upside (%)

  +11.62%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 4Q24 - First Look Note

  Net advances grew 11.7% YOY and 1.4% QOQ to AED 93.1 Bn in 4Q24. Customer deposits increased 10.5% YOY but declined 1.1% QOQ to AED 97.6 Bn in 4Q24, also CASA ratio stood at 49% in 4Q24. Calculated NIMs declined 21 bps YOY and remained unchanged on QOQ basis to 3.0% in 4Q24.

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• 

  FIRST LOOK NOTES

  29 Oct 2024

  Commercial Bank Of Dubai (CBD)

  HOLD

  Last Closing Price

  7.20

  Target Price

  7.75

  Upside (%)

  +7.64%

  UAE Equity Research - Commercial Bank of Dubai (CBD) 3Q24 - First Look Note

  Net advances grew strongly 10.7% YOY and 2.4% QOQ to AED 91.7 Bn in 3Q24. Customer deposits grew strongly 14.2% YOY, however declined 1.2% QOQ to AED 98.7 Bn in 3Q24, also CASA ratio increased from 47.8% in 2Q24 to 49.1% in 3Q24.

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