Recent Research

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  FIRST LOOK NOTES

  25 Apr 2025

  Commercial Bank Of Dubai (CBD)

  ACCUMULATE

  Last Closing Price

  AED 7.60

  Target Price

  AED 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

  AED 7.69

  Target Price

  AED 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

  AED 7.66

  Target Price

  AED 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

  AED 7.20

  Target Price

  AED 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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• 

  FIRST LOOK NOTES

  29 Jul 2024

  Commercial Bank Of Dubai (CBD)

  HOLD

  Last Closing Price

  AED 6.39

  Target Price

  AED 6.96

  Upside (%)

  +8.92%

  Healthy asset quality and increased lending supported profitability

  Net advances grew strongly by 10.9% YOY and 3.2% QOQ to AED 90 Bn in 2Q24.Customer deposits grew strongly 16.5% YOY and 10.5% QOQ to AED 100 Bn in 2Q24, while CASA ratio declined from 52.5% in 1Q24 to 47.8% in 2Q24.

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• 

  FIRST LOOK NOTES

  03 May 2024

  Commercial Bank Of Dubai (CBD)

  HOLD

  Last Closing Price

  AED 6.59

  Target Price

  AED 6.96

  Upside (%)

  +5.61%

  Healthy growth in funded and non-funded income drove profitability

  Commercial Bank of Dubai (“CBD, “the Bank”) recorded a healthy growth in net profit of 21.9% YOY to AED 701 Mn in 1Q24, in line with our estimate of AED 693 Mn.

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