The Bank expects loans to grow by mid-to-high single digits, along with stable CASA and deposit growth in 2026. Management revised its cost of risk guidance upward from below 50 bps to below 70 bps and maintained a cost-to-income ratio below 28% in 2026.

ADCB’s Net profit attributable to equity shareholders increased 37.4% YOY to AED 3.4 Bn higher than our estimate of AED 2.9 Bn in 1Q26. The increase in net profit was mainly driven by higher net funded and non-funded income along with lower impairments and lower tax expense, partially offset by increase in operating expenses and lower share of profit from associates.

Du's mobile subscriber base grew 6.1% YOY to 9.7 Mn in 1Q26, due to steady growth across both prepaid & postpaid segments. January–February recorded strong growth, outperforming full-year guidance, driven by robust demand and strong commercial momentum.

DU’s revenue increased 6.9% YOY to AED 4.1 Bn in 1Q26, driven by strong performance across Mobile, Fixed, and ICT services, partially offset by a decline in Wholesale revenues. Mobile Services revenue grew 7.2% YOY to AED 1.8 Bn in 1Q26, supported by subscriber base growth and a favourable mix shift toward postpaid.

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.

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.