External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Abu Dhabi Islamic Bank PJSC / Equity Bottom-Up

<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><p><em>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.</em></p>

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