External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

First Abu Dhabi Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders' profit grew 4.8% YoY &amp; QoQ to AED4.5bn (+6.5% vs estimates)</li><li>Net interest income up 6.8% YoY to AED4.9bn (-0.4% QoQ; +1.9% vs estimate)</li><li>Non-interest income up 37.9% YoY to AED3.3bn (+16.2% QoQ, +17.7% 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 4.8% YoY &amp; QoQ to AED4.5bn (+6.5% vs estimates)Net interest income up 6.8% YoY to AED4.9bn (-0.4% QoQ; +1.9% vs estimate)Non-interest income up 37.9% YoY to AED3.3bn (+16.2% QoQ, +17.7% 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.

Fab - 3Q24 Earnings up 4.8% YoY & QoQ, Above Our Estimates on One-Off Gain

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.

<ul><li>Growing UAE economy should provide the necessary impetus for the UAE banks to grow locally, whilst the option to expand globally remains open</li><li>UAE banks remain undervalued within the wider GCC market despite better-than-expected performance in FY23, as the impact of the new UAE corporate tax and NIMs contraction as a result of fall in interest rates worry investors</li><li>We remain optimistic on UAE banks as we see earnings to stabilize at current levels after absorbing the impact of UAE corporate tax in FY24 and NIM contraction in FY25; maintain ‘Buy’ on FAB, ENBD and ADCB, and ‘Hold’ on ADIB and DIB</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.

Growing UAE economy should provide the necessary impetus for the UAE banks to grow locally, whilst the option to expand globally remains openUAE banks remain undervalued within the wider GCC market despite better-than-expected performance in FY23, as the impact of the new UAE corporate tax and NIMs contraction as a result of fall in interest rates worry investorsWe remain optimistic on UAE banks as we see earnings to stabilize at current levels after absorbing the impact of UAE corporate tax in FY24 and NIM contraction in FY25; maintain ‘Buy’ on FAB, ENBD and ADCB, and ‘Hold’ on ADIB and DIBContent 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

First Abu Dhabi Bank PJSC provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, foreign exchange, and other banking services. First Abu Dhabi Bank serves customers worldwide.

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First Abu Dhabi Bank PJSC (FAB UH)

Fab - 3Q24 Earnings up 4.8% YoY & QoQ, Above Our Estimates on One-Off Gain

Shareholders' profit grew 4.8% YoY & QoQ to AED4.5bn (+6.5% vs estimates). Net interest income up 6.8% YoY to AED4.9bn (-0.4% QoQ; +1.9% vs estimate)

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

UAE Banks: Keep calm and carry on

Growing UAE economy should provide the necessary impetus for the UAE banks to grow locally, whilst the option to expand globally remains open

International Securities

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