Recent Research

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  FIRST LOOK NOTES

  30 Apr 2025

  Dubai Islamic Bank (DIB)

  BUY

  Last Closing Price

  AED 7.50

  Target Price

  AED 8.50

  Upside (%)

  +13.33%

  UAE Equity Research - Dubai Islamic Bank (DIB) 1Q25 - First Look Note

  Gross underwriting across financing and investments amounted to c. AED 26 Bn in 1Q25. Consumer business portfolio grew 7% YTD to AED 68 Bn in 1Q25 owing to strong growth in auto finance portfolio. NIMs soften 20 bps YOY to 2.6% in 1Q25.

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• 

  EARNINGS CALL INSIGHT

  28 Apr 2025

  Dubai Islamic Bank (DIB)

  ACCUMULATE

  Last Closing Price

  AED 7.45

  Target Price

  AED 8.50

  Upside (%)

  +14.09%

  UAE Equity Research - Dubai Islamic Bank (DIB) 1Q25 - Earnings Call Insight

  Net funded income grew 2.0% YOY to AED 2.2 Bn in 1Q25, attributed to a 9.6% YOY decline in funded expense owing to lower cost of funds partially offset by contraction in asset yield. Reported NIMs contracted 10 bps YOY and 2 bps QOQ to 2.9% in 1Q25.

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• 

  FIRST LOOK NOTES

  25 Apr 2025

  Dubai Islamic Bank (DIB)

  BUY

  Last Closing Price

  AED 7.54

  Target Price

  AED 8.50

  Upside (%)

  +12.73%

  UAE Equity Research - Dubai Islamic Bank (DIB) 1Q25 - Earnings Flash

  Dubai Islamic Bank (DIB) delivered a Net Profit (post-tax) of AED 1,797 Mn in 1Q25, up by 8% YoY which is lower than our estimate by 8%, driven by higher business volumes, lower cost of funding, and strong asset quality despite higher tax rates this year.

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• 

  FIRST LOOK NOTES

  17 Feb 2025

  Dubai Islamic Bank (DIB)

  ACCUMULATE

  Last Closing Price

  AED 7.65

  Target Price

  AED 8.50

  Upside (%)

  +11.11%

  UAE Equity Research - Dubai Islamic Bank (DIB) 4Q24 - First Look Note

  The Bank’s NIMs increased 14 bps YOY and 38 bps QOQ to 3.2% in 4Q24. The NIMs for FY2025 are anticipated to be in the range of 2.8-3.0%. Asset quality improved as the reported NPL ratio improved to 4.0% in 4Q24 from to 4.3% in 3Q24.

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• 

  EARNINGS CALL INSIGHT

  13 Feb 2025

  Dubai Islamic Bank (DIB)

  ACCUMULATE

  Last Closing Price

  AED 7.51

  Target Price

  AED 8.50

  Upside (%)

  +13.18%

  UAE Equity Research - Dubai Islamic Bank (DIB) 4Q24 - Earnings Call Insight

  Net funded income grew 12.7% YOY to AED 2.5 Bn in 4Q24, primarily due to an 8.5% YOY increase in funded income compared to a 4.8% YOY rise in funded expenses. NIMs rose 14 bps YOY and 38 bps QOQ to 3.2%, owing to lower cost of funds and higher asset yield.

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• 

  FIRST LOOK NOTES

  11 Nov 2024

  Dubai Islamic Bank (DIB)

  ACCUMULATE

  Last Closing Price

  AED 6.37

  Target Price

  AED 7.25

  Upside (%)

  +13.81%

  UAE Equity Research - Dubai Islamic Bank (DIB) 3Q24 - First Look Note

  Net financing and Sukuk investment grew from AED 278 Bn in 2Q24 to AED 286 Bn in 3Q24. The Bank expects the loan book to grow and surpass the year-end guidance, driven by a strong underwriting pipeline.

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