Recent Research

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  FIRST LOOK NOTES

  24 Apr 2025

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 20.40

  Target Price

  AED 25.00

  Upside (%)

  +22.55%

  UAE Equity Research - Emirates NBD Bank (ENBD) 1Q25 - First Look Note

  The Bank's balance sheet crossed the AED 1 trillion mark in 1Q25, up from AED 997 Bn in 4Q24, reflects robust asset growth and cements ENBD’s position as a leading regional banking institution.

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• 

  EARNINGS CALL INSIGHT

  23 Apr 2025

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 19.90

  Target Price

  AED 25.00

  Upside (%)

  +25.63%

  UAE Equity Research - Emirates NBD (ENBD) 1Q25 - Earnings Call Insight

  Net funded income rose 14.1% YOY to AED 8.5 Bn in 1Q25 due to growth in interest-earning assets coupled with decline in cost of funds partially offset by lower asset yield and increase in interest bearing liabilities.

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• 

  FIRST LOOK NOTES

  22 Apr 2025

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 19.80

  Target Price

  AED 25.00

  Upside (%)

  +26.26%

  UAE Equity Research - Emirates NBD Bank (ENBD) 1Q25 - Earnings Flash

  Emirates NBD’s Profit before tax grew substantially by 56% QoQ to AED 7.8 Bn in 1Q25, driven by strong regional expansion, increased digital adoption, an outperforming funding base and loan growth. While recorded a decline in net profit after tax by 7% YoY to AED 6.2 Bn due to the higher tax in 1Q25.

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• 

  FIRST LOOK NOTES

  03 Feb 2025

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 20.60

  Target Price

  AED 25.00

  Upside (%)

  +21.36%

  UAE Equity Research - Emirates NBD (ENBD) 4Q24 - First Look Note

  Net interest margin fell from 3.8% in 3Q24 to 3.7% in 4Q24 due to flow through of rate cuts leading to lower asset yield partially offset by an expansion in margins at Denizbank.

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• 

  EARNINGS CALL INSIGHT

  31 Jan 2025

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 20.70

  Target Price

  AED 25.00

  Upside (%)

  +20.77%

  UAE Equity Research - Emirates NBD (ENBD) 4Q24 - Earnings Call Insight

  Net funded income rose 9.6% YOY to AED 8.6 Bn in 4Q24 due to growth in interest-earning assets partially offset by higher cost of funds. Net interest margin fell from 3.75% in 3Q24 to 3.65% in 4Q24 due to flow through of rate cuts leading to lower asset yield partially offset by an expansion in margins at Denizbank.

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• 

  FIRST LOOK NOTES

  24 Oct 2024

  Emirates NBD (ENBD)

  BUY

  Last Closing Price

  AED 19.40

  Target Price

  AED 24.00

  Upside (%)

  +23.71%

  UAE Equity Research - Emirates NBD (ENBD) 3Q24 - First Look Note

  The Bank revised FY2024 loan growth guidance to low double-digit driven by the robust growth witnessed so far, positive economic outlook and announcements on infrastructure investments.

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