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BofA Global Research Media Relations Dubai, United Arab Emirates, June 27, 2020: Refer to important disclosures at the end of these reports (see links below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. If you are interested in interviewing an analyst, your request must be directed to Research Communications & Media Relations. MENA Banks: UAE banks: Attractive opportunities despite risks ahead
• We see attractive opportunities in the UAE banks despite risks ahead. ENBD our preferred name. Downgrade ADCB
• Valuations continue to discount overly negative scenarios. Banks able to generate higher ROEs than implied by current price
• Reasons to be optimistic on the UAE banks: attractive dividends, pandemic under control, economy opening up, yield curve
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