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Al Nokhitha Fund NAV (19/09/17)
AED 9.349, up 0.162% from 18/09/17

ADCB MSCI UAE Index Fund NAV (19/09/17)
AED 9.213, up 0.159% from 18/09/17

ADCB Arabian Markets Fund NAV (19/09/17)
USD 6.181, down 0.263% from 18/09/17

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 Nikhil_Poddar

Nikhil Poddar, CFA
Equity Analyst
ADCB Securities
Abu Dhabi

nikhil.poddar@adcb.com
+971-2-696-6450


 Nikhil joined ADCB Securities team as an Equity Analyst responsible
 for research and advisory services to the clients. Earlier, he worked as
 an Equity Analyst in the institutional equities team of ICICI Securities
 in 2014 and prior to that held a similar role at Barclays India. He holds
 an MBA degree and a CFA charter holder (US) and is also a certified
 Chartered Accountant (FCCA).

 

 Companies covered
 Company Symbol Recommendation
 Dubai Islamic Bank DIB UH Buy
 Emirates NBD Emirates UH Buy
First Abu Dhabi Bank FAB UH Hold

 

 Latest Reports
  First Gulf Bank - Buy (1Q16: Weak Quarter) -icon_pdf
  - 01 May 2016
 First Gulf Bank (FGB) reported profit at AED1.7bn was higher than our
 expectations (AED1.4bn). The beat was largely due to a higher than expected gain on revaluation of investment property.
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  DUBAI ISLAMIC BANK - Buy (1Q16: Fee Income Offsets Margin Pressure) -icon_pdf
  - 28 April 2016
Dubai Islamic Bank (DIB) reported profit at AED875mn was in-line with our expectations.
However, the quality of the revenue profile was subdued. Higher growth in fee income compensated for a sharp drop in margins.
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  NATIONAL BANK OF ABU DHABI - Buy (1Q16: Growth Remained Weak) -icon_pdf
  - 28 April 2016
National Bank of Abu Dhabi (NBAD) reported profit at AED1.27bn was in-line with our expectation.
Underlying profitability growth was weak.
Underlying profitability remained weak. Revenue growth was subdued primarily due to lower loan growth and weak margins.
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  EMIRATES NBD - Buy (1Q16: Weak Core Performance ) -icon_pdf
  - 20 April 2016
Emirates National Bank of Dubai (ENBD) reported profit at AED1.8bn, marginally lower than our expectations (AED1.9bn).
The miss was due to lower margins and higher loan loss provisioning expenses.
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  First Gulf Bank - Buy (4Q15: Earnings beat driven by one-offs) -icon_pdf
  - 02 February 2016
 First Gulf Bank (FGB) reported profit at AED1.7bn was higher than our
 expectations (AED1.4bn). The beat was largely due to a higher than
 expected gain on revaluation of investment property.
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 Dubai Islamic Bank - Buy (4Q15: In line performance ) -icon_pdf
  - 28 January 2016
 Dubai Islamic Bank’s (DIB) reported net profit of AED865mn was in-line
 with our expectations.
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 National Bank of Abu Dhabi - Hold (4Q15: Profitability remained
 weak)-
icon_pdf
  - 26 January 2016
 National Bank of Abu Dhabi’s (NBAD) reported profit of AED1.0bn was
 lower than our estimates (AED1.3bn).
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 Emirates NBD - Buy (4Q15: Strong quarter) -  icon_pdf
  - 19 January 2016
 Emirates National Bank of Dubai (ENBD) reported profit at AED2.1bn,
 significantly higher than our and consensus estimates.
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 UAE Banks - Initiating coverage – Structural story appears
 resilient to macroeconomic challenges -
icon_pdf
  - 8 December 2015
 We initiate coverage on Dubai Islamic Bank (DIB), Emirates National
  Bank of Dubai (ENBD) and First Gulf Bank (FGB) with Buy ratings
 and National Bank of Abu Dhabi (NBAD) with a Hold rating.
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