Showing 9 of 264
  • UAE Flag
    SECTOR NOTE
    26 Jun 2025
    Banks

    UAE Equity Research - Banking Sector 2Q25 - Preview Note

    We maintain our MARKET WEIGHT rating on the UAE banking sector. Net advances in the UAE banking sector recorded 1.4% QOQ growth in 1Q25, owing to increased lending across private corporate and retail sectors, partially offset by a decline across government and public sector GREs.

  • Saudi Flag
    SECTOR NOTE
    19 Jun 2025
    Banks

    Saudi Equity Research - Banking Sector 2Q25 - Preview Note

    We maintain our MARKET WEIGHT rating on the Saudi banking sector. Advances in the KSA Banking System are expected to moderate in 2025 from 14.4% growth in 2024, but are still expected to grow in low double digits. The banks have recorded a strong uptick in credit growth of 5.0% QOQ in 1Q25, driven by a 7% growth in corporate loans.

  • Egypt Flag
    FIRST LOOK NOTES
    20 May 2025
    Commercial International Bank ...
    BUY
    EGP 80.00
    EGP 110.00
    +37.50%

    Egypt Equity Research - Commercial International Bank - Egypt (CIB) 1Q25 - First Look Note

    Net advances grew 40.0% YOY and 7.7% QOQ to EGP 380.4 Bn in 1Q25. The Bank's asset quality strengthened as the NPL ratio improved from 3.3% in 4Q24 to 3.1% in 1Q25, owing to the ability to effectively reduce risk. Capitalization improved with a reported CAR of 26.8% in 1Q25 compared to 24.1% in 4Q24.
  • 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.
  • UAE Flag
    FIRST LOOK NOTES
    05 May 2025
    Mashreq Bank
    ACCUMULATE
    AED 240.00
    AED 270.00
    +12.50%

    UAE Equity Research - Mashreq Bank (MASQ) 1Q25 - First Look Note

    MASQ’s non-funded income continued to grow and now accounts for 37.0% of total operating income in 1Q25, compared to 31.7% in 1Q24. Impairment charges increased substantially from AED 38 Mn in 1Q24 to AED 101 Mn in 1Q25.
  • UAE Flag
    FIRST LOOK NOTES
    02 May 2025
    Abu Dhabi Commercial Bank (ADC...
    BUY
    AED 11.58
    AED 13.75
    +18.74%

    UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q25 - First Look Note

    ADCB’s net advances grew 13.0% YOY and 2.5% QOQ to AED 359.5 Bn in 1Q25 due to increased lending to GREs and other important sectors. The Bank expects a low double-digit growth in its loan portfolio in 2025, while it also expects retail lending to pick up in the coming quarters.
  • Saudi Flag
    FIRST LOOK NOTES
    01 May 2025
    Alinma Bank
    BUY
    SAR 28.75
    SAR 37.00
    +28.70%

    Saudi Equity Research - Alinma Bank 1Q25 - First Look Note

    Net advances grew 15.9% YOY and 3.5% QOQ to SAR 209.4 Bn in 1Q25. Impairment charges fell 14.4% YOY to SAR 226 Mn in 1Q25, driven by the introduction of better-quality new assets.
  • UAE Flag
    FIRST LOOK NOTES
    01 May 2025
    United Arab Bank (UAB)
    REDUCE
    AED 1.40
    AED 1.25
    -10.71%

    UAE Equity Research - United Arab Bank (UAB) 1Q25 - First Look Note

    Net funded income declined 11.2% YOY to AED 290 Mn in 1Q25 due to interest rate cuts implemented in 2H24, partially offset by higher lending growth. Non-funded income expanded 53.2% YOY to AED 48 Mn in 1Q25, attributed to enhanced product proposition, cross-selling and gain on sale of properties.
  • UAE Flag
    EARNINGS CALL INSIGHT
    01 May 2025
    Abu Dhabi Commercial Bank (ADC...
    BUY
    AED 11.64
    AED 13.75
    +18.13%

    UAE Equity Research - Abu Dhabi Commercial Bank (ADCB) 1Q25 - Earnings Call Insight

    Revenue grew 22.1% YOY to SAR 3,074 Mn in 1Q25, driven by increased sales volumes and average selling price. Sales volume increased 18% YOY to 1,836 thousand MT in 1Q25 due to the completion of the scheduled turnaround of the Company's third plant for urea and ammonia production in 1Q24.

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