Jefferies Sees Double-Digit Credit Growth for First Abu Dhabi Bank

01:34 AM EDT, 10/01/2026 (MT Newswires) -- Jefferies noted that First Abu Dhabi Bank's (ADX:FAB) confident tone at the research firm's recent North America roadshow bolstered its expectations for double-digit year-over-year credit growth in 2026 and beyond, with additional upside expected from non-interest revenue. "FAB sees >$100bn UAE capex credit opportunity in the medium term, accelerated in aftermath of the conflict, and sponsored largely by sovereign-linked entities; its deeply entrenched relationships in Abu Dhabi underpin its >30% share in govt & GRE lending - the fastest-growing UAE segment (13%ytd, 25%yoy Jul-26). FAB's best-in-class capabilities in areas like hedging, structuring, funding / ALM, DCM, and transaction banking are likely to support non-interest revenue (NIR) momentum beyond consensus est, in our view," according to a Wednesday note. The research firm also highlighted the lender's target of achieving more than 16% return on tangible equity over the medium term and management's reassurance of seeing "progressive recovery" in demographic, tourist, and logistics indicators across the United Arab Emirates. Meanwhile, analysts noted that the company also said it is maintaining "prudential vigilance" over the expected time lag related to non-performing loan formation. Jefferies rates the Abu Dhabi-listed lender at buy, with a price target of 24.50 Emirati dirhams, saying the company remains its "preferred UAE stock."