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  • UAE Flag
    FIRST LOOK NOTES
    07 May 2025
    Commercial Bank International ...
    HOLD
    AED 0.79
    AED 0.85
    +8.01%

    UAE Equity Research - Commercial Bank International (CBI) 1Q25 - First Look Note

    Net funded income rose 18.0% YOY to AED 97 Mn due to lower cost of funds; thus, NIMs improved 20 bps YOY and 16 QOQ to 2.1%. CBI’s non-funded income increased significantly from AED 38 Mn in 1Q24 to AED 110 Mn in 1Q25 due to higher fees & commission income and a one-time gain from the sale of properties.
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  • UAE Flag
    FIRST LOOK NOTES
    17 Jan 2025
    Commercial Bank International ...
    BUY
    AED 0.70
    AED 0.85
    +21.43%

    UAE Equity Research - Commercial Bank International (CBI) 4Q24 - First Look Note

    CBI’s net funded income rose 11.7% YOY to AED 91 Mn in 4Q24 owing to growth in funded income, partially offset by rise in funded expenses. The bank’s cost-to-income ratio declined significantly from 63.1% in 4Q23 to 50.0% in 4Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    30 Oct 2024
    Commercial Bank International ...
    HOLD
    AED 0.89
    AED 0.85
    -4.60%

    UAE Equity Research - Commercial Bank International (CBI) 3Q24 - First Look Note

    CBI’s non-funded income from AED 62 Mn in 3Q23 to AED 196 Mn in 3Q24, mainly due to the one-off gains from the sale of non-financial assets. The Bank’s recorded gains from the sale of non-financial assets of AED 148 Mn, compared to AED 4 Mn in 3Q23. Net advances grew 8.4% YOY and 3.2% QOQ to AED 13 Bn in 3Q24 owing to an increase in Islamic financing and Investment products.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Commercial Bank International ...
    REDUCE
    AED 0.90
    AED 0.85
    -5.56%

    Strong non-core income and reversal of impaired loans support profitability

    Net advances grew 1.9% YOY and 2.6% QOQ to AED 13 Bn in 2Q24 owing to an increase in Islamic financing and Investment products.
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  • UAE Flag
    FIRST LOOK NOTES
    09 May 2024
    Commercial Bank International ...
    ACCUMULATE
    AED 0.72
    AED 0.80
    +11.11%

    Lower operating expenses and reversal of impaired loans support profitability

    Commercial Bank International's (“CBI”/ “The Bank”) net profit recorded 9.4% YOY growth from AED 33 Mn in 1Q23 to AED 36 Mn in 1Q24, in line with our estimate of AED 37 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    02 Feb 2024
    Commercial Bank International ...
    BUY
    AED 0.68
    AED 0.80
    +17.99%

    Higher cost of funds and lower other income impacted profit

    Commercial Bank International's (“CBI”/ “The Bank”) net profit decline from AED 50 Mn in 4Q22 to AED 30 Mn in 4Q23, lower than our estimate of AED 40 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    03 Nov 2023
    Commercial Bank International ...
    HOLD
    AED 0.76
    AED 0.80
    +5.26%

    Declining loan portfolio and rising cost of funds impacted profitability

    Commercial Bank International's (“CBI”/ “The Bank”) net profit grew from AED 11 Mn in 3Q22 to AED 46 Mn in 3Q23, in line with our estimate of AED 49 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    16 Aug 2023
    Commercial Bank International ...
    BUY
    AED 0.61
    AED 0.80
    +31.15%

    Impairment reversals and lower expenses supported profitability

    Commercial Bank International's (“CBI”/ “The Bank”) net profit grew from AED 35 Mn in 2Q22 to AED 45 Mn in 2Q23, higher than our estimate of AED 35 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    15 May 2023
    Commercial Bank International ...
    BUY
    AED 0.68
    AED 0.80
    +17.65%

    Higher operating income & reversals of impairments boosted profitability

    Commercial Bank International (“CBI”/ “The Bank”) net profit grew significantly from AED 21 Mn in 1Q22 to AED 33 Mn in 1Q23, high-er than our estimate of AED 28 Mn.
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Commercial International Bank (COMI) Telecom Egypt