Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 26% jump year-on-year (YoY) in its FY 2022 net profit to 5.55 billion dirhams ($1.5 billion), driven by lower impairments and improved net income.

The earnings easily beat Refinitiv’s mean analyst estimate of AED4.97 billion.

Net income grew 11% YoY to AED10.4 billion versus AED9.4 billion in same period of last year, the Dubai Financial Market-listed lender said in a statement on Wednesday.

Impairment charges fell to AED2.1 billion compared with AED2.5 billion in the previous year

The board of directors has proposed a cash dividend distribution of 30 fils per share.

(Reporting by Brinda Darasha; editing by Daniel Luiz)