Dubai Islamic Bank (DISB.DU): 2Q26 conference call takeaways

研报英文原文证据摘录

Dubai Islamic Bank (DISB.DU): 2Q26 conference call takeaways

Equity Research

15 July 2026 | 1:47PM GST

Management hosted a conference call post 2Q26 results. Kazim Andac

+971(4)214-9958 |

kazim.andac@gs.com

We expect a broadly neutral share price reaction post this earnings call. Goldman Sachs International

Management left FY26 guidance unchanged, highlighting resilient margin and Ashwath P T, CFA

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

asset quality trends during the quarter, and an expectation for these trends to Goldman Sachs International

continue in 2H26. It anticipates cost of funding to slightly ease as deposit Gokul Vinayak L

competition subsides while also noting that it did not take incremental ECL +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

overlays during the quarter (during which it benefited from some recoveries).

Potential read-across for UAE banks could point to a resilient asset quality

backdrop in 2Q. Overall, we see scope for a low-mid single digit consensus FY

earnings upgrade post the results (owing to the better-than-anticipated asset

quality picture, which led to a sizable beat at the bottom line in 2Q), though we

remain relatively cautious on margin trends into 2H given the uncertain rate

path ahead.

Exhibit 1: Management guidance vs GSe vs consensus

FY26 2026 Guidance vs GSe vs

1H26

Consensus Mgmt guidance GSe VA consensus

Net Financing & Sukuk growth 4% ytd 10% 8% 11%

2.3%

NIM 2.4% -19bps yoy -22bps yoy

(-30bps yoy)

Cost-to-Income 29.0% 28% 29% 30%

NPL Ratio 2.40% 2.5% 2.6% 2.6%

Coverage Ratio 158% 160% 162% -

ROTE (pre-tax) 20% 21% 18.5% 18.5%

ROA (pre-tax) 2.1% 2.2% 1.9% 1.9%

Cost of Risk 28bps 50bps 59bps 57bps

CET1 Ratio 13.0% - 12.5% 12.8%

Source: Company data, Goldman Sachs Global Investment Research, Visible Alpha Consensus Data