普通外文研报
Abu Dhabi Islamic Bank: The rights issue debate
研报英文原文证据摘录
Abu Dhabi Islamic Bank: The rights issue debate
iQprofile SM Abu Dhabi Islamic Bank
Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector
(AED Millions) IFRS IFRS IFRS IFRS IFRS Banks-Multinational/Universal
Funded Income 7,497 8,882 9,721 10,621 11,700
Net Fee Income 1,807 2,100 2,109 2,356 2,500
Securities Gains / (Losses) 426 446 539 561 584 Company Description Other Income 902 876 885 958 1,037
Total Non-funded Income 3,135 3,422 3,533 3,875 4,120 ADIB is the Islamic Bank of Abu Dhabi, with 5-6% market
Total Operating Income 10,632 12,304 13,254 14,496 15,820 share in Islamic financing and deposits in the UAE. Some
Operating Expenses (3,145) (3,525) (3,970) (4,253) (4,523) 55% of UAE nationals bank with ADIB. Retail represents
Pre-Provision Profit 7,487 8,779 9,284 10,244 11,298 57% of its lending book - the largest among covered UAE
Provisions Expense (620) (678) (1,072) (1,217) (1,348)
peers. ADIB operates across seven markets, including Egypt,
Operating Profit 6,868 8,101 8,212 9,027 9,950
Non-Operating Items 0 0 0 0 0 KSA, Iraq, the UK (real estate) and Sudan. The two main
Pre-Tax Income 6,868 8,101 8,212 9,027 9,950 shareholders are Emirates International Investment
Net Income to sh/holders 5,424 6,340 6,382 7,048 7,803 Company (39%) and Mamoura Diversified Global Holding
Adjusted Cash Earnings 5,424 6,340 6,382 7,048 7,803 (7.6%).
Key Balance Sheet Data
Total Assets 225,910 280,753 303,347 337,043 371,768
Average Income Earning Assets 174,105 212,993 249,224 275,330 306,033 Investment Rationale
Risk Weighted Assets 159,983 183,637 204,736 227,479 250,916 We like ADIB's superior profitability and below-peers
Total Gross Customer Financing 147,119 185,589 206,682 230,206 254,205
exposure to structural risks, such as to real estate and
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