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 10.36 20,646.51 11.00 15.22 6,158,909 29-Oct-24 13.38
Abu Dhabi Islamic Bank (ADIB) HOLD UAE AED 13.96 13,804.17 15.00 22.09 2,978,356 12-Nov-24 23.31
Ajman Bank SELL UAE AED 1.68 1,245.71 1.35 50.24 5,774,652 31-Oct-24 (0.45)
Al Rajhi Bank HOLD Saudi Arabia SAR 92.2 98,228.79 95.00 36.33 4,624,612 12-Nov-24 16.70
Alinma Bank BUY Saudi Arabia SAR 28.65 19,077.11 37.00 37.30 6,511,843 7-Nov-24 15.07
Arab National Bank BUY Saudi Arabia SAR 20.36 10,845.65 23.00 13.44 1,577,274 30-Oct-24 13.27
Bank Albilad HOLD Saudi Arabia SAR 37.3 12,418.43 37.00 37.23 1,111,830 31-Oct-24 17.07
Banque Saudi Fransi BUY Saudi Arabia SAR 16.08 10,707.15 45.00 12.83 1,941,332 30-Oct-24 9.96
Commercial Bank International (CBI) HOLD UAE AED 0.899 425.24 0.85 16.91 12,270 30-Oct-24 9.12
Commercial Bank Of Dubai (CBD) HOLD UAE AED 6.97 5,664.79 7.75 14.85 32,191 29-Oct-24 18.57
Commercial International Bank (COMI) BUY Egypt EGP 81.6 4,879.12 110.00 22.33 3,024,177 21-Nov-24 46.00
Dubai Islamic Bank (DIB) ACCUMULATE UAE AED 7.05 13,897.97 7.25 10.22 5,604,970 11-Nov-24 16.59
Emirates NBD (ENBD) BUY UAE AED 21.6 37,146.34 23.00 12.86 2,599,829 24-Oct-24 20.16
Mashreq Bank HOLD UAE AED 217.25 11,865.64 235.00 21.11 2,112 11-Nov-24 28.06
RAKBANK BUY UAE AED 6.04 3,307.77 7.15 11.15 404,677 1-Nov-24 19.91
Riyad Bank BUY Saudi Arabia SAR 27.8 22,213.34 36.00 14.87 2,395,136 29-Oct-24 14.96
Saudi National Bank BUY Saudi Arabia SAR 33.2 53,056.33 47.00 12.09 4,848,396 29-Oct-24 11.72
Sharjah Islamic Bank (SIB) HOLD UAE AED 2.46 2,167.10 2.25 15.07 8,555,583 24-Oct-24 11.82
United Arab Bank (UAB) HOLD UAE AED 1.35 758.08 1.10 -5.87 2,293,572 25-Oct-24 10.92
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Recent Research

  • UAE Flag
    SECTOR NOTE
    25 Dec 2024
    Banks

    UAE Equity Research - Banking Sector 4Q24 - Preview Note

    The UAE banking sector continued its momentum in 3Q24, with a strong increase in non-funded income and loan growth that drove profitability. The robust expansion in retail lending, backed by a positive economic outlook and ample liquidity, drove UAE’s banking sector in 3Q24.

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  • Egypt Flag
    FIRST LOOK NOTES
    21 Nov 2024
    Commercial International Bank ...
    BUY
    EGP 80.20
    EGP 110.00
    +37.16%

    Egypt Equity Research - Commercial Bank International (COMI) 3Q24 - First Look Note

    Net advances grew 37.8% YOY and 6.9% QOQ to EGP 307.4 Bn in 3Q24 owing to an increase in local currency loans and a rise in demand for financing from businesses and individuals. NIMs grew 214 bps YOY but fell 5 bps QOQ to 9.2% in 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Nov 2024
    Abu Dhabi Islamic Bank (ADIB)
    HOLD
    AED 12.62
    AED 15.00
    +18.86%

    UAE Equity Research - Abu Dhabi Islamic Bank (ADIB) 3Q24 - First Look Note

    The non-funded income grew 24.7% YOY to AED 1,064 Mn in 3Q24. NPL ratio (reported) declined 222 bps YOY and 32 bps QOQ to 4.4%, at its lowest levels since FY2017. Additionally, ADIB expects its NPL ratio to drop below 4.0% by 2024 year-end.
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  • Saudi Flag
    FIRST LOOK NOTES
    12 Nov 2024
    Al Rajhi Bank
    HOLD
    SAR 94.40
    SAR 95.00
    +0.64%

    Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q24 - First Look Note

    NIMs improved 17 bps YOY and 13 bps QOQ to 3.17% in 3Q24 and revised 2024 NIMs growth forecast to 10-20 bps. Net advances grew 9.9% YOY to SAR 649.0 Bn in 3Q24, driven by an increase in retail, corporate and SME financing.
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  • UAE Flag
    FIRST LOOK NOTES
    11 Nov 2024
    Dubai Islamic Bank (DIB)
    ACCUMULATE
    AED 6.37
    AED 7.25
    +13.81%

    UAE Equity Research - Dubai Islamic Bank (DIB) 3Q24 - First Look Note

    Net financing and Sukuk investment grew from AED 278 Bn in 2Q24 to AED 286 Bn in 3Q24. The Bank expects the loan book to grow and surpass the year-end guidance, driven by a strong underwriting pipeline.
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  • UAE Flag
    FIRST LOOK NOTES
    11 Nov 2024
    Mashreq Bank
    HOLD
    AED 238.00
    AED 235.00
    -1.26%

    UAE Equity Research - Mashreq Bank (MASQ) 3Q24 - First Look Note

    Net advances grew 19.4% YOY and 4.1% QOQ to AED 119 Bn in 3Q24, while customer deposits grew 17.5% YOY and 1.4% QOQ to AED 156 Bn in 3Q24. NIMs declined 58 bps YOY and 2 bps QOQ to 4.2% in 3Q24, while cost-to-income improved from 30.7% in 3Q23 to 29.2% in 3Q24.
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