Recent Research

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  FIRST LOOK NOTES

  02 May 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  AED 11.58

  Target Price

  AED 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

  AED 11.64

  Target Price

  AED 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

  AED 11.40

  Target Price

  AED 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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  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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