Abu Dhabi Commercial Bank’s (“ADCB”, “The Bank”) net profit rose 31.5% YOY to AED 3,376 Mn in 2Q26, in line with our estimate of AED 3,346 Mn. The strong growth in net profit is primarily driven by higher net funded and non-funded income growth along with lower impairments and tax charges, partially offset by higher operating expenses.

Emirates Integrated Telecommunications Co. PJSC (DU/The Company) reported a 9.8% YOY increase in net profit to AED 798 Mn in 2Q26, slightly higher than our estimate of AED 762 Mn. The increase in net profit is primarily driven by higher revenue and lower direct costs, partially offset by higher operating expenses (excl. D&A), coupled with an increase in depreciation, amortization expense, federal royalty and income tax charges.

Saudi National Bank (“SNB”/ “The Bank”) posted growth in net profit attributable to equity shareholders of 7.6% YOY to SAR 6,606 Mn in 2Q26, higher than our estimate of SAR 6,215 Mn. The increase was mainly driven by higher net funded and non-funded income, partially offset by a marginal increase in operating expenses and an impairment charge of SAR 258 Mn in 2Q26 compared to a reversal of SAR 170 Mn in 2Q25.

Riyad Bank (“RIBL”, “The Bank”) reported a 2.0% YOY increase in net profit to SAR 2,649 Mn in 2Q26, in line with our estimate of SAR 2,647 Mn. The growth in net profit is primarily driven by higher net funded income supported by an increase in non-funded income, partially offset by higher operating expenses, impairment charges and increase in tax expenses.

DU’s revenue increased 4.6% YOY to AED 4.1 Bn in 2Q26, driven by continued growth in Mobile, Fixed, and Wholesale revenues, partially offset by lower ICT revenues. Net profit increased 9.8% YOY to AED 798 Mn in 2Q26, driven by higher revenue and lower direct costs.

ADCB's Net profit attributable to equity shareholders increased 31.5% YOY to AED 3.4 Bn in 2Q26, in in line with our estimate of AED 3.3 Bn. The increase in net profit was mainly driven by higher net funded and non-funded income along with significantly lower impairments, partially offset by higher operating expenses.