Recent Research

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  FIRST LOOK NOTES

  01 May 2025

  United Arab Bank (UAB)

  REDUCE

  Last Closing Price

  1.40

  Target Price

  1.25

  Upside (%)

  -10.71%

  UAE Equity Research - United Arab Bank (UAB) 1Q25 - First Look Note

  Net funded income declined 11.2% YOY to AED 290 Mn in 1Q25 due to interest rate cuts implemented in 2H24, partially offset by higher lending growth. Non-funded income expanded 53.2% YOY to AED 48 Mn in 1Q25, attributed to enhanced product proposition, cross-selling and gain on sale of properties.

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• 

  FIRST LOOK NOTES

  29 Apr 2025

  United Arab Bank (UAB)

  REDUCE

  Last Closing Price

  1.40

  Target Price

  1.25

  Upside (%)

  -10.71%

  UAE Equity Research - United Arab Bank (UAB) 1Q25 - Earnings Flash

  UAB reported a significant 49% year-on-year (YoY) increase in net profit to AED 102 Mn in 1Q25, up from AED 68 Mn in 1Q24. This marks the highest quarterly profit in a decade, driven by stronger operating performance and a net reversal of impairment charges, reflecting successful execution of the bank’s strategic initiatives.

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• 

  FIRST LOOK NOTES

  10 Feb 2025

  United Arab Bank (UAB)

  SELL

  Last Closing Price

  1.49

  Target Price

  1.10

  Upside (%)

  -26.17%

  UAE Equity Research - United Arab Bank (UAB) 4Q24 - First Look Note

  UAB’s NIMs declined 31 bps YOY and 6 bps QOQ to 2.3% in 4Q24. UAB’s operating expenses increased significantly 26.9% YOY to AED 94 Mn in 4Q24. Moreover, its cost to income ratio increased significantly from 57.3% in 4Q23 to 61.3% in 4Q24.

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  FIRST LOOK NOTES

  25 Oct 2024

  United Arab Bank (UAB)

  HOLD

  Last Closing Price

  1.10

  Target Price

  1.10

  Upside (%)

  0.00%

  UAE Equity Research - United Arab Bank (UAB) 3Q24 - First Look Note

  Net advances grew strongly 39.6% YOY and 3.1% QOQ to AED 10.8 Bn in 3Q24 mainly due to the strong growth in retail and wholesale loans with a strong business pipeline in place. NPLs declined from 6.4% in 2Q24 to 4.1% in 3Q24 due to recoveries and settlement.

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  FIRST LOOK NOTES

  29 Jul 2024

  United Arab Bank (UAB)

  HOLD

  Last Closing Price

  1.12

  Target Price

  1.10

  Upside (%)

  -1.79%

  Strong recoveries and increased lending boosted profitability

  UAB’s net advances grew 37.6% YOY and 9.4% QOQ to AED 10 Bn in 2Q24, while the investment portfolio grew 2% on a 2024 YTD basis to AED 5 Bn in 2Q24.

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• 

  FIRST LOOK NOTES

  06 May 2024

  United Arab Bank (UAB)

  HOLD

  Last Closing Price

  1.11

  Target Price

  1.10

  Upside (%)

  -0.90%

  Strong growth in liquidity supported loan growth

  United Arab Bank PJSC (“UAB”/ “The Bank”) net profit grew 24.6% YOY to AED 68 Mn in 1Q24, higher than our estimate of AED 58 Mn.

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