External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Abu Dhabi Islamic Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates)</li><li>Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7% vs estimate)</li><li>Non-interest income up 25.4% YoY to AED1.05bn (-11.4% QoQ, +22% vs estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates)Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7% vs estimate)Non-interest income up 25.4% YoY to AED1.05bn (-11.4% QoQ, +22% vs estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADIB Results Review - 3Q24 Earnings up 13.6% YoY (+3% QoQ), Operationally Inline

<ul><li>ADIB reported 1Q24 shareholder’s profit of AED1.3bn, better than estimates, due to lower operating cost and lower impairment provisions</li><li>NIMs increased to 4.67%, opposite to peers reporting NIM contraction in 1Q24. We believe NIMs could peek in coming quarter with funding cost starting to increase with high interest rate expectations and already high CASA</li><li>Maintain Hold with fair value of AED11.40/sh implying a 0.5% upside, as valuation premium over peers limit further upside, especially when NIMs are expected to peek</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADIB reported 1Q24 shareholder’s profit of AED1.3bn, better than estimates, due to lower operating cost and lower impairment provisionsNIMs increased to 4.67%, opposite to peers reporting NIM contraction in 1Q24. We believe NIMs could peek in coming quarter with funding cost starting to increase with high interest rate expectations and already high CASAMaintain Hold with fair value of AED11.40/sh implying a 0.5% upside, as valuation premium over peers limit further upside, especially when NIMs are expected to peekContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADIB 1Q24 Review: Earnings up 31% YoY (-6.5% QoQ), Beat Estimates

Thematic (Sector/Industry)

<ul><li>We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is expected to be soften by higher taxes. </li><li>Net interest income is expected to grow by 4.9% YoY (-2.2% QoQ) to AED4.8bn, led by growth in loan book and YoY improvement in NIMs.</li><li>Non-interest income is expected to continue its solid stance with 17.1% YoY growth (-1.3% QoQ) mainly driven by fees and commissions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is expected to be soften by higher taxes. Net interest income is expected to grow by 4.9% YoY (-2.2% QoQ) to AED4.8bn, led by growth in loan book and YoY improvement in NIMs.Non-interest income is expected to continue its solid stance with 17.1% YoY growth (-1.3% QoQ) mainly driven by fees and commissions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q24e UAE Banks - Quarterly Results Preview

<ul><li>We expect FAB to report shareholder’s profit of AED3.96bn in 2Q24e, down 4.8% YoY but up 3.1% QoQ, as a result of higher net interest income whilst noninterest income could fall QoQ.</li><li>Net interest income is expected to grow by 4.3% QoQ to AED5.1bn, led by the growth in loan book and a slight improvement in NIMs.</li><li>Non-interest income is expected to fall QoQ to AED2.6bn, as a result of a fall in forex income, whilst commissions, fee and investment income might stay flat.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect FAB to report shareholder’s profit of AED3.96bn in 2Q24e, down 4.8% YoY but up 3.1% QoQ, as a result of higher net interest income whilst noninterest income could fall QoQ.Net interest income is expected to grow by 4.3% QoQ to AED5.1bn, led by the growth in loan book and a slight improvement in NIMs.Non-interest income is expected to fall QoQ to AED2.6bn, as a result of a fall in forex income, whilst commissions, fee and investment income might stay flat.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We expect FAB to report shareholder’s profit of AED3.45bn in 1Q24e, down 6.5% YoY and down 5.4% QoQ, as a result of the implementation of new UAE corporate tax.</li><li>Net interest income should improve QoQ, but non-interest income could fall YoY and QoQ.</li><li>Net interest income should grow 3.9% QoQ to AED4.9bn, led by a growing loan book and a slight improvement in NIMs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect FAB to report shareholder’s profit of AED3.45bn in 1Q24e, down 6.5% YoY and down 5.4% QoQ, as a result of the implementation of new UAE corporate tax.Net interest income should improve QoQ, but non-interest income could fall YoY and QoQ.Net interest income should grow 3.9% QoQ to AED4.9bn, led by a growing loan book and a slight improvement in NIMs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Arab Emirates

Abu Dhabi Islamic Bank PJSC attracts deposits and offers consumer, corporate, and investment banking services.  The Bank finances the purchase of automobiles, real estate and capital equipment, offers letters of credit, sponsors investment funds, and offers property management and evaluation services. Abu Dhabi Islamic Bank lends money in accordance with Islamic law.

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Abu Dhabi Islamic Bank PJSC (ADIB UH)

ADIB Results Review - 3Q24 Earnings up 13.6% YoY (+3% QoQ), Operationally Inline

Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates). Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7%...

International Securities

ADIB 1Q24 Review: Earnings up 31% YoY (-6.5% QoQ), Beat Estimates

ADIB reported 1Q24 shareholder’s profit of AED1.3bn, better than estimates, due to lower operating cost and lower impairment provisions

International Securities

3Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is...

International Securities

UAE Banks 2Q24 Quarterly Results Preview

We expect FAB to report shareholder’s profit of AED3.96bn in 2Q24e, down 4.8% YoY but up 3.1% QoQ, as a result of higher net interest income whilst...

International Securities

1Q24 Quarterly Result Previews

We expect FAB to report shareholder’s profit of AED3.45bn in 1Q24e, down 6.5% YoY and down 5.4% QoQ, as a result of the implementation of new UAE...

International Securities

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