Abu Dhabi Commercial Bank (ADCB.AD): 2Q26 results review and conference call takeaways

研报英文原文证据摘录

Abu Dhabi Commercial Bank (ADCB.AD): 2Q26 results review and conference call takeaways

Equity Research

23 July 2026 | 6:14PM GST

Abu Dhabi Commercial Bank (ADCB.AD): 2Q26 results review and

conference call takeaways

ADCB reported 2Q26 Net Profit of AED3.37bn (flat/31% qoq/yoy), which came in Kazim Andac

+971(4)214-9958 |

17% ahead of Visible Alpha Consensus Data. The beat versus consensus was kazim.andac@gs.com

Goldman Sachs International

primarily driven by significantly lower credit costs (45% below consensus), while

Ashwath P T, CFA

PPOP was 2% ahead of consensus. +971(4)376-3439 | ashwath.pt@gs.com

We expect the share price reaction following the earnings call to be neutral to Gokul Vinayak L

slightly positive. While ADCB delivered only a modest beat at the PPOP level, +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

management reiterated its FY26 guidance and remained constructive on the

business momentum, supported by a strong lending pipeline and expectations

for high-teens loan growth by year-end. We expect mid-single-digit upgrades to

consensus earnings driven by the materially lower-than-expected credit costs

reported this quarter. We note that NII came in below expectations due to

weaker NIMs, reflecting continued funding cost pressures and a more

competitive deposit environment. However, management guided for stable

NIMs and risk-adjusted NIMs through the remainder of FY26, while highlighting

that fee income remains a key strategic growth area.

Key Takeaways from the conference call:

n Guidance: ADCB reiterated all FY26 targets and remains on track to deliver its

five-year strategy objectives. Management expects high-teens loan growth,

stable reported NIMs, risk-adjusted NIM around current levels, cost of risk below

60bps and ROE above 15%.