Dubai Islamic Bank (DISB.DU): 2Q26 results first take

研报英文原文证据摘录

Dubai Islamic Bank (DISB.DU): 2Q26 results first take

Equity Research

14 July 2026 | 8:32PM GST

Reported 2Q26 Net Income of AED1.86bn (+8%/0% qoq/yoy) which was 15% ahead Kazim Andac

+971(4)214-9958 |

of Visible Alpha consensus / GSe. The beat was primarily driven by lower credit costs. kazim.andac@gs.com

Goldman Sachs International

Management will host a call at 9am UKT on 15th July to discuss the results (Link).

Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

We think market reaction would be neutral to slightly positive. While the Goldman Sachs International

headline beat to earnings expectations is large, we note that it was primarily Gokul Vinayak L

driven by lower-than-expected credit costs while Operating Profit came in +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

broadly in-line with consensus expectation. Key questions for the management

call tomorrow are: i) reason for lower-than-expected credit cost and if there

were sizable recoveries/reversals, ii) NIM trajectory/expectation heading into

2H26, and iii) discussion around economic activity in the UAE and implications

for loan growth into 2H26, especially as the conflict continues to linger.

n Net interest income remained flat qoq and 1% below consensus/GS estimate.

We calculate NII/assets of 2.17% for the quarter, down 3bps qoq.

n NIR was down 23% qoq, mainly driven by other NIR down 42%, while fees was up

12% qoq and came in 4%/5% above consensus estimate/GSe.

n Operating costs were down 3% qoq but up 5% yoy. We calculate the cost to

income ratio to have increased 1.6pp qoq to 29.9% during the quarter.

n Provision cost came in at AED69mn, vs. AED420mn in the prior quarter.

GS-calculated cost of risk came in at 10bps for the quarter vs. 62bps in the prior

quarter.