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.
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