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

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)</li><li>Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)</li><li>Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% 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 down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% 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.

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

<ul><li>Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)</li><li>Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)</li><li>Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% 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 flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% 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.

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Thematic (Sector/Industry)

<ul><li>We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.</li><li>The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.</li><li>Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). </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 AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). 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.

4Q24e UAE Banks - Quarterly Results Preview

Index Rebalance

<ul>
<li>We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.</li>
<li>NMDCENR and ADNH are expected to be added in M. UAE small cap index</li>
<li>We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.</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 Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.
NMDCENR and ADNH are expected to be added in M. UAE small cap index
We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.

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>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>
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 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

United Arab Emirates

Emirates NBD PJSC conducts banking and financial service activities. The Bank's business segments include corporate and institutional, retail, and private banking. Emirates NBD also offers treasury services and Islamic banking products, with headquarters in Dubai, United Arab Emirates.

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Emirates NBD Bank PJSC (EMIRATES UH)

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates). Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs...

International Securities

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates). Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)

International Securities

4Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set...

International Securities

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

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

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

International Securities

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