Recent Research

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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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  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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