According to Bloomberg, Commercial Bank of Dubai (CBD) reported net profit of AED486mn for 1H16, down 20% Y-o-Y. This translates into 2Q16 profit of AED245mn, -22% Y-o-Y and +2% Q-o-Q, which is below our estimate of AED293mn. (Bloomberg, Shabbir Malik, Murad Ansari) Commercial Bank of Dubai: AED5.05 as of 17 July 2016, Rating: Sell, FV: AED5.30 per share, MCap: USD3,857mn, CBD UH / CBD.DU
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