Recent Research

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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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• 

  FIRST LOOK NOTES

  08 Feb 2024

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.58

  Target Price

  AED 11.00

  Upside (%)

  +28.21%

  Solid lending growth along with rising rates supported profitability

  ADCB’s net loans grew 16.8% to AED 302.0 Bn in 4Q23, mainly driven by increased lending to GRE and other key sectors while real estate exposure declined from 22% in 2022 to 17% in 2023.

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• 

  FIRST LOOK NOTES

  21 Nov 2023

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 8.60

  Target Price

  AED 11.00

  Upside (%)

  +27.91%

  Improvement in loan and deposit mix drove profitability

  ADCB’s net loans rose 13.2% YOY in 3Q23 mainly driven by increased lending to GRE and other key sectors while real estate exposure declined 6.8% YTD in 3Q23

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