Recent Research

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  FIRST LOOK NOTES

  31 Jan 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 11.88

  Target Price

  AED 13.75

  Upside (%)

  +15.74%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 4Q24 - First Look Note

  ADCB’s net loans grew 16.1% YOY and 1.9% QOQ to AED 350.6 Bn in 4Q24, mainly driven by increased lending to GRE and other key sectors, while real estate exposure declined in 4Q24. The Bank plans to double its net profit to AED 20 Bn over the next five years, targeting a CAGR of c.20% by focusing on fees and other operating income.

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• 

  EARNINGS CALL INSIGHT

  29 Jan 2025

  Abu Dhabi Commercial Bank (ADC...

  HOLD

  Last Closing Price

  AED 11.46

  Target Price

  AED 12.50

  Upside (%)

  +9.08%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 4Q24 - Earnings Call Insight

  Net funded income grew 2.7% YOY to AED 3.5 Bn in 4Q24 owing to decline in cost of funds attributable to higher proportion of CASA deposits coupled with a fall in benchmark rates, partially offset by a lower asset yield.

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• 

  FIRST LOOK NOTES

  29 Oct 2024

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.81

  Target Price

  AED 11.00

  Upside (%)

  +24.86%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 3Q24 - First Look Note

  ADCB’s net loans grew 21.0% YOY and 3.6% QOQ to AED 344.0 Bn in 2Q24 mainly driven by increased lending to GRE and other key sectors while real estate exposure declined in 3Q24.

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• 

  EARNINGS CALL INSIGHT

  25 Oct 2024

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.56

  Target Price

  AED 11.00

  Upside (%)

  +28.50%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 3Q24 - Earnings Call Insight

  Net funded income declined 1.1% YOY to AED 3.1 Bn owing to higher cost of funds & low asset yield. NIMs declined 43 bps YOY to 2.2% due to lower asset yield & higher cost of funds. Non-funded income grew strongly 48.9% YOY to AED 1.6 Bn attributed to growth in fee and commission income and higher net trading income.

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• 

  FIRST LOOK NOTES

  23 Jul 2024

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.55

  Target Price

  AED 11.00

  Upside (%)

  +28.65%

  Strong growth in non-funded income and lower impairments boosted profit

  ADCB’s net loans grew 22.1% YOY and 4.4% QOQ to AED 332.2 Bn in 2Q24, mainly driven by increased lending to GRE and other key sectors, while real estate exposure declined in 2Q24.

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• 

  FIRST LOOK NOTES

  01 May 2024

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.35

  Target Price

  AED 11.00

  Upside (%)

  +31.74%

  Strong growth in advances and higher asset yield drove the bottom-line

  ADCB’s net loans grew 20.7% YOY and 5.4% QOQ to AED 318.2 Bn in 1Q24, mainly driven by increased lending to GRE and other key sectors while real estate exposure declined from 17% in 2023 to 16% in 1Q24

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