External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Dubai Islamic Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit grew 23% YoY to AED2.03bn (+21% QoQ; +33% vs estimates) </li><li>Net interest income down 3.9% YoY to AED2.1bn (flat QoQ; +2.1% vs estimate)</li><li>Non-interest income up 19.8% YoY to AED883mn (-4.5% QoQ, +4% 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 23% YoY to AED2.03bn (+21% QoQ; +33% vs estimates) Net interest income down 3.9% YoY to AED2.1bn (flat QoQ; +2.1% vs estimate)Non-interest income up 19.8% YoY to AED883mn (-4.5% QoQ, +4% 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.

DIB - 3Q24 Earnings up 23% YoY (+21% QoQ), Beats Estimates on Impairment Reversals

<ul><li>DIB reported 1Q24 shareholder’s profit of AED1.5bn, in-line with estimates, up 8.3% YoY but down 24.1% QoQ due to QoQ drop in net interest and non-interest income</li><li>Operating income came 2.6% lower than our estimates, whilst net operating income came 6.2% lower as a result of higher operating cost.</li><li>Lower impairment provision, however offset weaker operating performance </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.

DIB reported 1Q24 shareholder’s profit of AED1.5bn, in-line with estimates, up 8.3% YoY but down 24.1% QoQ due to QoQ drop in net interest and non-interest incomeOperating income came 2.6% lower than our estimates, whilst net operating income came 6.2% lower as a result of higher operating cost.Lower impairment provision, however offset weaker operating performance 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.

DIB 1Q24 Review: Earnings up 8.3% YoY (-24.1% QoQ), In-Line with 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

Dubai Islamic Bank offers personal, business, and corporate banking services. The Company also operates wealth management, financing, investment banking, treasury product, and capital market divisions. Dubai Islamic Bank's activities are conducted in accordance with the Islamic law Sharia, which prohibits usury.

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Dubai Islamic Bank PJSC (DIB UH)

DIB - 3Q24 Earnings up 23% YoY (+21% QoQ), Beats Estimates on Impairment Reversals

Shareholders profit grew 23% YoY to AED2.03bn (+21% QoQ; +33% vs estimates) Net interest income down 3.9% YoY to AED2.1bn (flat QoQ; +2.1% vs...

International Securities

DIB 1Q24 Review: Earnings up 8.3% YoY (-24.1% QoQ), In-Line with Estimates

DIB reported 1Q24 shareholder’s profit of AED1.5bn, in-line with estimates, up 8.3% YoY but down 24.1% QoQ due to QoQ drop in net interest and non...

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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