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 Commercial Bank PJSC / Equity Bottom-Up

<ul><li>ADCB reported 1Q24 shareholder’s profit of AED1.9bn, in-line with estimates, up 11% YoY but down 3.3% QoQ, after adjusting on-off gains reported in 4Q23</li><li>Lower than expected net interest income was offset by higher-than-expected non-interest income and lower operating expenses. Provisions and corporate tax came in-line with estimates</li><li>Maintain Buy with fair value of AED10.10/sh, implying a 22% upside from current levels, as stock valuation looks compelling at 0.9x PB and 8.0x FY24e PE with a dividend yield of 6.0%</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>

ADCB reported 1Q24 shareholder’s profit of AED1.9bn, in-line with estimates, up 11% YoY but down 3.3% QoQ, after adjusting on-off gains reported in 4Q23Lower than expected net interest income was offset by higher-than-expected non-interest income and lower operating expenses. Provisions and corporate tax came in-line with estimatesMaintain Buy with fair value of AED10.10/sh, implying a 22% upside from current levels, as stock valuation looks compelling at 0.9x PB and 8.0x FY24e PE with a dividend yield of 6.0%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.

ADCB 1Q24 Review: Core Profits up 11% YoY (-3.3% QoQ), In-Line with Estimates