Recent Research

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  FIRST LOOK NOTES

  10 Sep 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  13.66

  Target Price

  16.00

  Upside (%)

  +17.13%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 2Q25 - Right Issue

  Abu Dhabi Commercial Bank (ADCB) has launched an AED 6.1 Bn (USD 1.7 Bn) rights issue to raise capital, strengthen its balance sheet, and sustain strong growth momentum. The move is expected to boost capital adequacy (CET1 +120–130 bps), safeguard dividend distribution plans, and support the Bank’s strategy to double the annual net profit to AED 20 Bn within five years.

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• 

  FIRST LOOK NOTES

  16 Jul 2025

  Abu Dhabi Commercial Bank (ADC...

  ACCUMULATE

  Last Closing Price

  15.26

  Target Price

  17.00

  Upside (%)

  +11.40%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 2Q25 - First Look Note

  ADCB’s net advances grew 13.9% YOY and 5.3% QOQ to AED 378.5 Bn in 2Q25. The Bank’s loan book remained well-diversified, and it is targeting low to mid-teen growth in 2025.

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  EARNINGS CALL INSIGHT

  16 Jul 2025

  Abu Dhabi Commercial Bank (ADC...

  ACCUMULATE

  Last Closing Price

  15.16

  Target Price

  17.00

  Upside (%)

  +12.14%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 2Q25 - Earnings Call Insight

  Net funded income grew 11.5% YOY to AED 3.7 Bn in 2Q25, driven by a growth in interest-bearing assets and lower cost of funds, partially offset by a decline in asset yield. Reported NIMs declined from 2.6% in 2Q24 to 2.5% in 2Q25.

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• 

  FIRST LOOK NOTES

  02 May 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  11.58

  Target Price

  13.75

  Upside (%)

  +18.74%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q25 - First Look Note

  ADCB’s net advances grew 13.0% YOY and 2.5% QOQ to AED 359.5 Bn in 1Q25 due to increased lending to GREs and other important sectors. The Bank expects a low double-digit growth in its loan portfolio in 2025, while it also expects retail lending to pick up in the coming quarters.

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  EARNINGS CALL INSIGHT

  01 May 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  11.64

  Target Price

  13.75

  Upside (%)

  +18.13%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q25 - Earnings Call Insight

  Revenue grew 22.1% YOY to SAR 3,074 Mn in 1Q25, driven by increased sales volumes and average selling price. Sales volume increased 18% YOY to 1,836 thousand MT in 1Q25 due to the completion of the scheduled turnaround of the Company's third plant for urea and ammonia production in 1Q24.

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• 

  FIRST LOOK NOTES

  30 Apr 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  11.40

  Target Price

  13.75

  Upside (%)

  +20.61%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q25 - Earnings Flash

  ADCB reported a 20% year-on-year (YoY) increase in profit before tax to AED 2,907 Mn in 1Q25, marking the 15th consecutive quarter of growth. This consistent upward trend underscores the bank’s ability to leverage a diversified income base and improved operational efficiencies.

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