Recent Research

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  FIRST LOOK NOTES

  30 Oct 2025

  United Arab Bank (UAB)

  HOLD

  Last Closing Price

  1.20

  Target Price

  1.25

  Upside (%)

  +4.17%

  UAE Equity Research - United Arab Bank (UAB) 3Q25 - First Look Note

  The bank raised AED 1.03 Bn through right issue in 3Q25, resulting in an improvement in its CET1 ratio to 18.5% and CAR to 22.8% in 3Q25. Net funded income increased 35.6% YOY to AED 151 Mn in 3Q25, supported by a strong growth in average interest-earning assets, partially offset by a decline in asset yield.

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• 

  FIRST LOOK NOTES

  22 Aug 2025

  United Arab Bank (UAB)

  HOLD

  Last Closing Price

  1.17

  Target Price

  1.23

  Upside (%)

  +5.13%

  UAE Equity Research - United Arab Bank (UAB) 2Q25 - First Look Note

  Net funded income increased 42.8% YOY to AED 158 Mn in 2Q25, supported by a rise in interest income, a decline in interest expenses, and a one-off boost from a net interest income adjustment following the adoption of Credit Risk Management Standards introduced by the CBUAE.

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• 

  FIRST LOOK NOTES

  21 Jul 2025

  United Arab Bank (UAB)

  NOT RATED

  Last Closing Price

  1.20

  Target Price

  0.00

  Upside (%)

  NA

  United Arab Bank (UAB)-2Q25 First Look Note

  Net funded income increased 42.8% YOY to AED 158 Mn in 2Q25, supported by a rise in interest income, a decline in interest expenses, and a one-off boost from adjustment following the adoption of Credit Risk Management Standards introduced by the CBUAE.

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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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