Banks

Sector Valuation

Company Name Rating Country Currency CMP
(Local Currency)
Market Cap
(USD m)
Target Price
(Local Currency)
PER
(x)
ADVT 3m
(Volume)
Estimates
Last Updated On
ROE
(Fwd) (%)
Abu Dhabi Commercial Bank (ADCB) BUY UAE AED 10.9 21,722.09 13.75 16.02 5,218,002 31-Jan-25 12.83
Abu Dhabi Islamic Bank (ADIB) HOLD UAE AED 16.04 15,860.52 16.00 25.38 3,171,943 3-Feb-25 22.02
Ajman Bank HOLD UAE AED 1.58 1,171.53 1.60 47.25 3,558,440 30-Jan-25 13.85
Al Rajhi Bank HOLD Saudi Arabia SAR 102 108,768.09 103.00 40.20 3,881,509 11-Feb-25 17.17
Alinma Bank BUY Saudi Arabia SAR 30.7 20,460.66 37.00 39.97 5,640,375 20-Feb-25 15.39
Arab National Bank ACCUMULATE Saudi Arabia SAR 23.1 12,316.39 23.00 15.25 1,493,005 20-Jan-25 13.44
Bank Albilad HOLD Saudi Arabia SAR 36.9 12,296.39 38.00 36.83 1,278,752 28-Feb-25 17.57
Banque Saudi Fransi BUY Saudi Arabia SAR 18.6 12,396.36 21.70 14.84 2,556,744 12-Feb-25 10.33
Commercial Bank International (CBI) BUY UAE AED 0.72 340.56 0.85 13.54 71,868 17-Jan-25 7.08
Commercial Bank Of Dubai (CBD) ACCUMULATE UAE AED 7.47 6,071.00 8.55 15.91 37,512 4-Feb-25 18.25
Commercial International Bank (COMI) BUY Egypt EGP 82.45 4,961.81 110.00 22.56 1,811,445 7-Mar-25 45.41
Dubai Islamic Bank (DIB) ACCUMULATE UAE AED 7.17 14,134.15 8.50 10.39 7,002,212 17-Feb-25 16.81
Emirates NBD (ENBD) BUY UAE AED 20.2 34,737.77 25.00 12.02 2,368,627 3-Feb-25 19.49
Mashreq Bank ACCUMULATE UAE AED 231 12,616.28 270.00 22.44 939 7-Feb-25 26.60
RAKBANK HOLD UAE AED 6.7 3,669.11 7.15 12.37 100,310 6-Feb-25 18.76
Riyad Bank BUY Saudi Arabia SAR 32.95 26,352.27 36.00 17.62 2,589,469 6-Mar-25 14.54
Saudi National Bank BUY Saudi Arabia SAR 35.85 57,343.18 47.00 13.05 5,458,272 20-Feb-25 11.50
Sharjah Islamic Bank (SIB) HOLD UAE AED 2.44 2,149.43 2.60 14.95 2,449,502 3-Feb-25 12.76
United Arab Bank (UAB) SELL UAE AED 1.45 814.22 1.10 -6.30 1,477,155 10-Feb-25 12.43
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Recent Research

  • UAE Flag
    SECTOR NOTE
    28 Mar 2025
    Banks

    UAE Equity Research - Banking Sector 1Q25 - Preview Note

    The UAE banking sector witnessed strong growth in domestic and international credit after easing interest rates in FY2024. Robust expansion in the private corporate sector led to solid growth in domestic credit supported by a healthy growth in retail advances. On the other hand, strong deposits growth sustained favourable liquidity maintaining adequate funding capacity within the system.

  • Egypt Flag
    FIRST LOOK NOTES
    07 Mar 2025
    Commercial International Bank ...
    BUY
    EGP 77.50
    EGP 110.00
    +41.94%

    Egypt Equity Research - Commercial Bank International (COMI) 4Q24 - First Look Note

    Net advances grew 49.7% YOY and 14.9% QOQ to EGP 353.1 Bn in 4Q24, primarily driven by a continuous rise in local currency loans. NIMs grew 138 bps YOY to 9.43% in 4Q24. The Bank's asset quality strengthened as the NPL ratio improved from 3.5% in 4Q23 to 3.2% in 4Q24, owing to the ability to effectively reduce risk.
  • Saudi Flag
    FIRST LOOK NOTES
    06 Mar 2025
    Riyad Bank
    BUY
    SAR 30.00
    SAR 36.00
    +20.00%

    Saudi Equity Research - Riyad Bank (RIBL) 4Q24 - First Look Note

    The Bank’s witnessed robust growth in Corporate and Retail sectors, driving the net income in FY2024 with a healthy demand from corporates and SME’s. Net Loans and advances grew 16.7% YOY and 4.8% QOQ to SAR 320.1 Bn in 4Q24.
  • Saudi Flag
    FIRST LOOK NOTES
    28 Feb 2025
    Bank Albilad
    HOLD
    SAR 37.90
    SAR 38.00
    +0.26%

    Saudi Equity Research - Bank Albilad (ALBI) 4Q24 - First Look Note

    NIMs grew 11 bps YOY but fell 14 bps QOQ to 3.0% in 4Q24. The Bank’s cost-to-income ratio improved 162 bps YOY to 44.3% in 4Q24. ALBI recorded an impairment reversal of SAR 58 Mn in 4Q24 compared to an impairment charge of SAR 47 Mn in 4Q23.
  • Saudi Flag
    FIRST LOOK NOTES
    28 Feb 2025
    Arab National Bank
    ACCUMULATE
    SAR 21.66
    SAR 25.00
    +15.42%

    Saudi Equity Research - Arab National Bank (ARNB) 4Q24 - First Look Note

    The cost-to-income ratio improved from 37.8% in 4Q23 to 35.7% in 4Q24. The board of directors have decided to distribute cash dividends of SAR 0.65 per share for 2H24. Share of results of associates grew from negative SAR 17 Mn in 4Q23 to positive SAR 132 Mn in 4Q24.
  • Saudi Flag
    FIRST LOOK NOTES
    20 Feb 2025
    Saudi National Bank
    BUY
    SAR 35.00
    SAR 47.00
    +34.29%

    Saudi Equity Research - Saudi National Bank (SNB) 4Q24 - First Look Note

    Calculated NIMs fell 20 bps YOY and remained flat on a QOQ basis in 4Q24 at 2.7%. The Bank’s customer deposits fell 1.7% YOY and 8.6% QOQ to SAR 579.8 Bn during 4Q24 attributable to a decline in Time as well as CASA deposits. The Bank declared cash dividends of SAR 1.0 per share for 2H24, amounting to SAR 6,000 Mn.

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