External broker reports(aggregated public sources), International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul>
<li>ENBD reported 3Q24 shareholders profit of AED5.2bn flat YoY (-25.8% QoQ, inline with our estimates), as YoY drop in net operating income (-c7%), higher taxes and higher impairments were offset by lower hyperinflation to AED788mn versus AED1.8bn in 3Q23.</li>
<li>Operating income was flat YoY while up 7.3% QoQ to AED11.5bn; 6.2% higher than our estimates due to better NIMs (3.75%) and higher loan growth, moreover, NFI also beat our estimates (-15.9% YoY; 8.1% QoQ).</li>
<li>This was softened by higher OPEX (+22% YoY; 16.4% QoQ) to AED3.5bn, higher cost to income by 5.6ppts to 30.9%. </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>


ENBD reported 3Q24 shareholders profit of AED5.2bn flat YoY (-25.8% QoQ, inline with our estimates), as YoY drop in net operating income (-c7%), higher taxes and higher impairments were offset by lower hyperinflation to AED788mn versus AED1.8bn in 3Q23.
Operating income was flat YoY while up 7.3% QoQ to AED11.5bn; 6.2% higher than our estimates due to better NIMs (3.75%) and higher loan growth, moreover, NFI also beat our estimates (-15.9% YoY; 8.1% QoQ).
This was softened by higher OPEX (+22% YoY; 16.4% QoQ) to AED3.5bn, higher cost to income by 5.6ppts to 30.9%. 

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.

ENBD 3Q24 Result Review - 3Q24 earnings flat YoY (-25.8% QoQ), inline with our estimates