Recent Research

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  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.

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  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.

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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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