Recent Research

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  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.

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  EARNINGS CALL INSIGHT

  28 Jan 2026

  Emirates NBD (ENBD)

  HOLD

  Last Closing Price

  30.60

  Target Price

  33.50

  Upside (%)

  +9.48%

  UAE Equity Research - Emirates NBD (ENBD) 4Q25 - Earnings Call Insight

  Net funded income rose 13.3% YOY to AED 9.7 Bn in 4Q25, supported by strong loan growth due to robust demand in domestic and international markets, partially offset by a decline in asset yield.

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• 

  FIRST LOOK NOTES

  27 Oct 2025

  Emirates NBD (ENBD)

  ACCUMULATE

  Last Closing Price

  27.80

  Target Price

  31.50

  Upside (%)

  +13.31%

  UAE Equity Research - Emirates NBD (ENBD) 3Q25 - First Look Note

  Revised 2025 loan growth guidance upwards to low 20%s and cost of risk guidance to 20-40 bps. Asset quality improved with reported NPLs declining from 2.8% in 2Q25 to 2.5% in 3Q25, driven by recoveries and a continued buoyant property market.

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• 

  EARNINGS CALL INSIGHT

  24 Oct 2025

  Emirates NBD (ENBD)

  ACCUMULATE

  Last Closing Price

  27.80

  Target Price

  31.50

  Upside (%)

  +13.31%

  UAE Equity Research - Emirates NBD (ENBD) 3Q25 - Earnings Call Insight

  Net funded income rose 5.7% YOY to AED 9.0 Bn in 3Q25 supported by strong loan growth due to robust demand in domestic and international markets, partially offset by a decline in asset yield along with an increase in customer deposits and other interest-bearing liabilities.

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• 

  FIRST LOOK NOTES

  25 Jul 2025

  Emirates NBD (ENBD)

  HOLD

  Last Closing Price

  26.10

  Target Price

  27.00

  Upside (%)

  +3.45%

  UAE Equity Research- Emirates NBD Bank (ENBD) - 2Q25 First Look Note

  Group net advances grew 4.7% QOQ to AED 545.1Bn in 2Q25, with major incremental lending originating from international operations. Asset quality improved with NPLs declining from 3.1% in 1Q25 to 2.8% in 2Q25, driven by recoveries and a continued buoyant property market.

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• 

  EARNINGS CALL INSIGHT

  25 Jul 2025

  Emirates NBD (ENBD)

  HOLD

  Last Closing Price

  26.10

  Target Price

  27.00

  Upside (%)

  +3.45%

  UAE Equity Research - Emirates NBD (ENBD) 2Q25 - Earnings Call Insight

  Net funded income rose 5.5% YOY to AED 8.4 Bn in 2Q25 due to growth in interest-earning assets, partially offset by lower asset yield and an increase in interest-bearing liabilities. Reported Net interest margin fell 23 bps YOY and 22 bps QOQ to 3.36% in 2Q25 due to the impact of interest rate changes in UAE and Turkey.

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