Recent Research

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  FIRST LOOK NOTES

  18 Nov 2025

  Commercial Bank International ...

  HOLD

  Last Closing Price

  0.90

  Target Price

  1.05

  Upside (%)

  +17.32%

  UAE Equity Research - Commercial Bank International (CBI) 3Q25 - First Look Note

  Net funded income grew 17.5% YOY to AED 99 Mn in 3Q25, while the NIMs expanded 32 bps YOY and 9 bps QOQ to 2.2% in 3Q25. Total assets fell 1.1% YOY and increased 0.9% QOQ basis to AED 20.8 Bn in 3Q25, while the Customer deposits grew 3.8% YOY, and 3.9% QOQ to AED 15.8 Bn in 3Q25.

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• 

  FIRST LOOK NOTES

  15 Aug 2025

  Commercial Bank International ...

  HOLD

  Last Closing Price

  1.09

  Target Price

  1.05

  Upside (%)

  -3.67%

  UAE Equity Research - Commercial Bank International (CBI) 2Q25 - First Look Note

  Net funded income grew 9.3% YOY to AED 95 Mn in 2Q25, while the NIMs marginally grew 10 bps YOY and fell 3 bps QOQ to 2.1% in 2Q25. Total assets grew 3.0% YOY and remained flat on QOQ basis to AED 20.6 Bn in 2Q25, while the Customer deposits grew 6.7% YOY, but declined marginally 1.0% QOQ to AED 15.2 Bn in 2Q25.

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• 

  FIRST LOOK NOTES

  07 May 2025

  Commercial Bank International ...

  HOLD

  Last Closing Price

  0.79

  Target Price

  0.85

  Upside (%)

  +8.01%

  UAE Equity Research - Commercial Bank International (CBI) 1Q25 - First Look Note

  Net funded income rose 18.0% YOY to AED 97 Mn due to lower cost of funds; thus, NIMs improved 20 bps YOY and 16 QOQ to 2.1%. CBI’s non-funded income increased significantly from AED 38 Mn in 1Q24 to AED 110 Mn in 1Q25 due to higher fees & commission income and a one-time gain from the sale of properties.

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• 

  FIRST LOOK NOTES

  17 Jan 2025

  Commercial Bank International ...

  BUY

  Last Closing Price

  0.70

  Target Price

  0.85

  Upside (%)

  +21.43%

  UAE Equity Research - Commercial Bank International (CBI) 4Q24 - First Look Note

  CBI’s net funded income rose 11.7% YOY to AED 91 Mn in 4Q24 owing to growth in funded income, partially offset by rise in funded expenses. The bank’s cost-to-income ratio declined significantly from 63.1% in 4Q23 to 50.0% in 4Q24.

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• 

  FIRST LOOK NOTES

  30 Oct 2024

  Commercial Bank International ...

  HOLD

  Last Closing Price

  0.89

  Target Price

  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

  0.90

  Target Price

  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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