Recent Research

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  FIRST LOOK NOTES

  27 Apr 2026

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  13.30

  Target Price

  18.00

  Upside (%)

  +35.34%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q26 - First Look Note

  ADCB’s Net loans increased 18.4% YOY to AED 425.7 Bn, driven by solid credit demand across the UAE and key international corridors. The bank also strengthened its capital markets franchise, notably acting as joint lead manager on the Republic of Turkiye’s USD 3.5 Bn dual-tranche bond issuance, highlighting its growing capabilities in international debt markets.

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  EARNINGS CALL INSIGHT

  24 Apr 2026

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  12.80

  Target Price

  18.00

  Upside (%)

  +40.63%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q26 - Earnings Call Insight

  ADCB’s Net profit attributable to equity shareholders increased 37.4% YOY to AED 3.4 Bn higher than our estimate of AED 2.9 Bn in 1Q26. The increase in net profit was mainly driven by higher net funded and non-funded income along with lower impairments and lower tax expense, partially offset by increase in operating expenses and lower share of profit from associates.

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  FIRST LOOK NOTES

  02 Feb 2026

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  15.22

  Target Price

  18.00

  Upside (%)

  +18.27%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 4Q25 - First Look Note

  ADCB’s net advances grew 15.8% YOY and 1.1% QOQ to AED 406.0 Bn in 4Q25, supported by strong demand across UAE and international corridors. The Bank board proposed a cash dividend of AED 0.63 per share, translating into a 44% payout ratio and total payout of AED 4.99 Bn for 2025.

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  EARNINGS CALL INSIGHT

  30 Jan 2026

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  15.52

  Target Price

  18.00

  Upside (%)

  +15.98%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 4Q25 - Earnings Call Insight

  Net funded income grew 9.4% YOY to AED 3.8 Bn in 4Q25, driven by a solid growth in interest-earning assets and higher volumes, partially offset by a decline in asset yield. Calculated NIMs declined marginally from 2.4% in 4Q24 to 2.3% in 4Q25, primarily due to declining interest rates.

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  FIRST LOOK NOTES

  29 Oct 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  15.02

  Target Price

  18.00

  Upside (%)

  +19.84%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 3Q25 - First Look Note

  ADCB’s net advances grew 16.7% YOY and 6.0% QOQ to AED 401.4 Bn in 3Q25. Revised its 2025 loan guidance from low to mid-teens to high teens. Reported NPL declined from 2.0% in 2Q25 to 1.9% in 3Q25, while reported provision coverage grew from 173.1% in 2Q25 to 187.3% in 3Q25.

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• 

  EARNINGS CALL INSIGHT

  29 Oct 2025

  Abu Dhabi Commercial Bank (ADC...

  BUY

  Last Closing Price

  15.02

  Target Price

  18.00

  Upside (%)

  +19.84%

  UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 3Q25 - Earnings Call Insight

  Net funded income grew 21.1% YOY to AED 3.8 Bn in 3Q25, driven by a solid growth in interest-earning assets and lower cost of funds, partially offset by a decline in asset yield.

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