Recent Research

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  FIRST LOOK NOTES

  30 Oct 2024

  Commercial Bank International ...

  HOLD

  Last Closing Price

  AED 0.89

  Target Price

  AED 0.85

  Upside (%)

  -4.60%

  UAE Equity Research - Commercial Bank International (CBI) 3Q24 - First Look Note

  CBI’s non-funded income from AED 62 Mn in 3Q23 to AED 196 Mn in 3Q24, mainly due to the one-off gains from the sale of non-financial assets. The Bank’s recorded gains from the sale of non-financial assets of AED 148 Mn, compared to AED 4 Mn in 3Q23. Net advances grew 8.4% YOY and 3.2% QOQ to AED 13 Bn in 3Q24 owing to an increase in Islamic financing and Investment products.

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  FIRST LOOK NOTES

  12 Oct 2024

  Commercial Bank International ...

  REDUCE

  Last Closing Price

  AED 0.90

  Target Price

  AED 0.85

  Upside (%)

  -5.56%

  Strong non-core income and reversal of impaired loans support profitability

  Net advances grew 1.9% YOY and 2.6% QOQ to AED 13 Bn in 2Q24 owing to an increase in Islamic financing and Investment products.

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  FIRST LOOK NOTES

  09 May 2024

  Commercial Bank International ...

  ACCUMULATE

  Last Closing Price

  AED 0.72

  Target Price

  AED 0.80

  Upside (%)

  +11.11%

  Lower operating expenses and reversal of impaired loans support profitability

  Commercial Bank International's (“CBI”/ “The Bank”) net profit recorded 9.4% YOY growth from AED 33 Mn in 1Q23 to AED 36 Mn in 1Q24, in line with our estimate of AED 37 Mn.

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  FIRST LOOK NOTES

  02 Feb 2024

  Commercial Bank International ...

  BUY

  Last Closing Price

  AED 0.68

  Target Price

  AED 0.80

  Upside (%)

  +17.99%

  Higher cost of funds and lower other income impacted profit

  Commercial Bank International's (“CBI”/ “The Bank”) net profit decline from AED 50 Mn in 4Q22 to AED 30 Mn in 4Q23, lower than our estimate of AED 40 Mn.

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• 

  FIRST LOOK NOTES

  03 Nov 2023

  Commercial Bank International ...

  HOLD

  Last Closing Price

  AED 0.76

  Target Price

  AED 0.80

  Upside (%)

  +5.26%

  Declining loan portfolio and rising cost of funds impacted profitability

  Commercial Bank International's (“CBI”/ “The Bank”) net profit grew from AED 11 Mn in 3Q22 to AED 46 Mn in 3Q23, in line with our estimate of AED 49 Mn.

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• 

  FIRST LOOK NOTES

  16 Aug 2023

  Commercial Bank International ...

  BUY

  Last Closing Price

  AED 0.61

  Target Price

  AED 0.80

  Upside (%)

  +31.15%

  Impairment reversals and lower expenses supported profitability

  Commercial Bank International's (“CBI”/ “The Bank”) net profit grew from AED 35 Mn in 2Q22 to AED 45 Mn in 2Q23, higher than our estimate of AED 35 Mn.

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