Recent Research

• 

  FIRST LOOK NOTES

  23 Oct 2026

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  30.02

  Target Price

  37.00

  Upside (%)

  +23.25%

  UAE Equity Research - Emirates NBD (ENBD) 3Q26 - First Look Note

  Funded income rose 15.5% YOY to AED 24.9 Bn, while non funded income grew 4.3% YOY to 3.9 Bn in 3Q26. Reported NIM declined by 14 bps YOY but expanded 7 bps QOQ to 3.23% in 3Q26, as higher asset yields more than offset rising funding costs following the Federal Reserve rate hike.

  Download
• 

  EARNINGS CALL INSIGHT

  22 Oct 2026

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  32.00

  Target Price

  37.00

  Upside (%)

  +15.63%

  UAE Equity Research - Emirates NBD (ENBD) 3Q26 - Earnings Call Insight

  ENBD’s net profit attributable to equity shareholders declined 1.5% YOY to AED 6.3 Bn in 3Q26, lower than our estimate of AED 6.7 Bn. The decline was primarily driven by higher funded expenses, operating expenses, impairment charges and taxes, along with a higher share of profit attributable to NCI following the RBL Bank consolidation.

  Download
• 

  FIRST LOOK NOTES

  27 Jul 2026

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  30.22

  Target Price

  35.50

  Upside (%)

  +17.47%

  UAE Equity Research - Emirates NBD (ENBD) 2Q26 - First Look Note

  Funded income rose 12.2% YOY to AED 22.2 Bn, while non-funded income grew 8.3% YOY to 4.0 Bn in 2Q26. Reported net interest margin contracted 15 bps YOY and 19 bps QOQ to 3.2% in 2Q26, due to funding cost pressure.

  Download
• 

  FIRST LOOK NOTES

  24 Apr 2026

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  29.14

  Target Price

  33.50

  Upside (%)

  +14.96%

  UAE Equity Research - Emirates NBD (ENBD) 1Q26 - First Look Note

  Progress on the RBL transaction remains on track for completion in 2Q26, with regulatory approvals received from central banks of UAE and India. Asset quality metrics remained strong, with the NPL ratio improving to 2.3% and coverage remaining robust at 157%, providing a solid buffer against potential credit risks.

  Download
• 

  EARNINGS CALL INSIGHT

  24 Apr 2026

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  29.14

  Target Price

  33.50

  Upside (%)

  +14.96%

  UAE Equity Research - Emirates NBD (ENBD) 1Q26 - Earnings Call Insight

  ENBD’s net profit attributable to equity shareholders increased 3.0% YOY to AED 6.4 Bn in 1Q26, in line with our estimate of AED 6.3 Bn. The increase in net profit was mainly driven by higher net funded and non-funded income, partially offset by increase in operating expenses, impairment charges, tax and hyperinflation charges.

  Download
• 

  FIRST LOOK NOTES

  29 Jan 2026

  Emirates NBD (ENBD)

  HOLD

  Last Closing Price

  31.05

  Target Price

  33.50

  Upside (%)

  +7.89%

  UAE Equity Research - Emirates NBD (ENBD) 4Q25 - First Look Note

  ENBD guided loan growth lower to the low-to-mid teens for 2026 and expects NIMs to remain in the 3.1%-3.3% range, supported by margin recovery at DenizBank. Asset quality improved with reported NPLs declining from 2.5% in 3Q25 to 2.4% in 4Q25, offsetting higher impairments due to inflationary environment in Turkey.

  Download

Load more reports