Leading Financial Services Firm, Arqaam Capital

Arqaam Capital

Leading Financial Services Firm

Established in 2007 in the Cayman Islands and the Dubai International Financial Centre (DIFC), the Arqaam Group’s strategy was to participate in and benefit from the growth of capital markets and investments in the MENA region. Arqaam Group has grown significantly since then to five offices in four countries (the UAE, KSA, Egypt and Lebanon); and has become one of the biggest home-grown firms in the DIFC and a leading top two institutionally focused financial services firm in the Middle East region. Arqaam Group has a professional and experienced team and has invested in people, processes and technology to create a highly scalable platform. Arqaam Group combines international best practice and corporate governance with regional know-how and experience to bridge capital with opportunity. Arqaam Group acts for institutions, family offices and high net worths seeking risk diversification and higher returns. “Arqaam” has become a strong brand name, with a reputation for professionalism, award winning products and services, clients and connections.

Equity Bottom-Up

<ul><li>Maintain TP at BHD0.30 despite lowering our FY26e NIM by 26bps and EPS forecasts by 10% amid geopolitical pressures and temporary CoF pressure.</li><li>We expect FY26e EPS growth of 12% (vs 24% in H1) and RotE of 30.1%.</li><li>H1 net income rose 24% y/y, supported by non-funded income and lower credit costs. </li></ul>Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain TP at BHD0.30 despite lowering our FY26e NIM by 26bps and EPS forecasts by 10% amid geopolitical pressures and temporary CoF pressure.We expect FY26e EPS growth of 12% (vs 24% in H1) and RotE of 30.1%.H1 net income rose 24% y/y, supported by non-funded income and lower credit costs. Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Al Salam Bank -   Strong Returns Underpin Valuation Despite Q2 Funding-Cost Pressure; Maintain BUY

<ul><li>Solid Q1, delivering RoE of 18% and EPS growth of 24% y/y, driven by strong BS growth, contained cost and provisioning, with FY26e outlook supported by continued growth, efficiency, non-funded income generation and associate income, forecasting RoE of 16.9% and EPS26e growth of 24%.</li><li>CoR was in line with Q1 25 levels, despite the change in scenario weighting to factor in the conflict, whilst NPL formation was elevated at 107bps during Q1 26, it was from a downgrade from stage 2 rather than a deterioration in asset quality.</li><li>Capital position slipped on modest net OCI loss and relatively high YtD RWA growth.</li></ul>Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solid Q1, delivering RoE of 18% and EPS growth of 24% y/y, driven by strong BS growth, contained cost and provisioning, with FY26e outlook supported by continued growth, efficiency, non-funded income generation and associate income, forecasting RoE of 16.9% and EPS26e growth of 24%.CoR was in line with Q1 25 levels, despite the change in scenario weighting to factor in the conflict, whilst NPL formation was elevated at 107bps during Q1 26, it was from a downgrade from stage 2 rather than a deterioration in asset quality.Capital position slipped on modest net OCI loss and relatively high YtD RWA growth.Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SALAM BI (BUY) - Strong Start to the Year; Robust Returns Offer Support to Valuation.

<ul>
<li>Solid Q1, delivering RoE of 18% and EPS growth of 24% y/y, driven by strong BS growth, contained cost and provisioning, with FY26e outlook supported by continued growth, efficiency, non-funded income generation and associate income, forecasting RoE of 16.9% and EPS26e growth of 24%.</li>
<li>CoR was in line with Q1 25 levels, despite the change in scenario weighting to factor in the conflict, whilst NPL formation was elevated at 107bps during Q1 26, it was from a downgrade from stage 2 rather than a deterioration in asset quality.</li>
<li>Capital position slipped on modest net OCI loss and relatively high YtD RWA growth. </li>
</ul>
Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Solid Q1, delivering RoE of 18% and EPS growth of 24% y/y, driven by strong BS growth, contained cost and provisioning, with FY26e outlook supported by continued growth, efficiency, non-funded income generation and associate income, forecasting RoE of 16.9% and EPS26e growth of 24%.
CoR was in line with Q1 25 levels, despite the change in scenario weighting to factor in the conflict, whilst NPL formation was elevated at 107bps during Q1 26, it was from a downgrade from stage 2 rather than a deterioration in asset quality.
Capital position slipped on modest net OCI loss and relatively high YtD RWA growth. 

Content is external report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SALAM BI (BUY, BHD 0.30/Share, Model Update) - Strong Start to the Year; Robust Returns

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Al Salam Bank (SALAM BI)

Al Salam Bank - Strong Returns Underpin Valuation Despite Q2 Funding-Cost Pressure; Maintain BUY

Maintain TP at BHD0.30 despite lowering our FY26e NIM by 26bps and EPS forecasts by 10% amid geopolitical pressures and temporary CoF pressure.

Arqaam Capital

SALAM BI (BUY) - Strong Start to the Year; Robust Returns Offer Support to Valuation.

Solid Q1, delivering RoE of 18% and EPS growth of 24% y/y, driven by strong BS growth, contained cost and provisioning, with FY26e outlook...

Arqaam Capital

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