Recent Research

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  FIRST LOOK NOTES

  03 Feb 2025

  Abu Dhabi Islamic Bank (ADIB)

  HOLD

  Last Closing Price

  AED 15.60

  Target Price

  AED 16.00

  Upside (%)

  +2.56%

  UAE Equity Research - Abu Dhabi Islamic Bank (ADIB) 4Q24 - First Look Note

  ADIB expects its gross financing to grow more than 10% YOY in 2025. The Bank anticipates its NIMs to stay stable and shall experience a gradual decline after the interest rate cut. NPL ratio declined from 4.4% in 3Q24 to 4.0% in 4Q24, at its lowest levels since FY2017.

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  EARNINGS CALL INSIGHT

  30 Jan 2025

  Abu Dhabi Islamic Bank (ADIB)

  HOLD

  Last Closing Price

  AED 15.38

  Target Price

  AED 15.00

  Upside (%)

  -2.47%

  UAE Equity Research - Abu Dhabi Islamic Bank (ADIB) 4Q24 - Earnings Call Insight

  Net funded income grew 2.9% YOY to AED 1.7 Bn in 4Q24, driven strong growth in funded income partially offset by an increase in funded expense.

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• 

  FIRST LOOK NOTES

  12 Nov 2024

  Abu Dhabi Islamic Bank (ADIB)

  HOLD

  Last Closing Price

  AED 12.62

  Target Price

  AED 15.00

  Upside (%)

  +18.86%

  UAE Equity Research - Abu Dhabi Islamic Bank (ADIB) 3Q24 - First Look Note

  The non-funded income grew 24.7% YOY to AED 1,064 Mn in 3Q24. NPL ratio (reported) declined 222 bps YOY and 32 bps QOQ to 4.4%, at its lowest levels since FY2017. Additionally, ADIB expects its NPL ratio to drop below 4.0% by 2024 year-end.

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  FIRST LOOK NOTES

  29 Jul 2024

  Abu Dhabi Islamic Bank (ADIB)

  HOLD

  Last Closing Price

  AED 12.42

  Target Price

  AED 13.50

  Upside (%)

  +8.70%

  Strong growth in funded & non-funded income along with robust growth in advances drove profitability

  Gross customer financing grew 18.7% YOY to AED 136.6 Bn in 2Q24, driven by growth in retail and wholesale financing segments across government and public sector enterprises.

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  FIRST LOOK NOTES

  26 Apr 2024

  Abu Dhabi Islamic Bank (ADIB)

  ACCUMULATE

  Last Closing Price

  AED 11.30

  Target Price

  AED 12.50

  Upside (%)

  +10.62%

  Strong non-core income and healthy asset quality supported profitability

  Gross customer financing grew 7.6% YOY to AED 121 Bn, driven by growth in retail and wholesale financing segments across government and public sector enterprises.

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• 

  FIRST LOOK NOTES

  02 Feb 2024

  Abu Dhabi Islamic Bank (ADIB)

  ACCUMULATE

  Last Closing Price

  AED 11.22

  Target Price

  AED 12.50

  Upside (%)

  +11.41%

  Strong asset quality and increase in CASA balance supported profitability

  ADIB recorded strong 13.7% YOY growth in customer deposits to AED 157.06 Bn driven by a 9% rise in CASA deposits, which accounts for 65% of total deposits as of 4Q23

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