Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved a higher cash dividend, amounting to AED 1.7 billion ($462.8 million) for 2022, after the bank posted a double-digit growth in net profit.

The payout, which is equivalent to 49 fils per share, represents an increase from 31 fils per share in 2021 and constitutes nearly half (49.1%) of the lender’s net profit for 2022, the bank said on Tuesday.

The bank reported a net profit of AED 3.62 billion in 2022, up by 55% from the previous year.

It also delivered a return on equity (ROE) of 21.4%, one of the highest in the industry. ADIB attributed the high ROE to its efforts to diversify its income and maintain a strong asset quality.

“The consolidation of our Egypt franchise in Q4 2022 marks an important milestone for our growth trajectory,” noted Jawaan Awaidha Suhail Al Khaili, ADIB’s Chairman.

(Writing by Cleofe Maceda; editing by Anoop Menon)