Abu Dhabi Islamic Bank (ADIB) has reported profits of AED454.8m ($123.8m) for the second quarter of the year, marking a 22.4 per cent increase compared to profits recorded in the same time period in 2014.

Profits for the first half (1H) of the year increased by 21.5 per cent compared to 1H 2013 to reach AED864.3m.

Profits grew on the back of increased net revenues which rose to AED1.08bn in the second quarter (Q2), an increase of close to 14 per cent on last year’s Q2 results.

The Abu Dhabi-based bank also cut provisioning and impairments by 2.2 per cent in the second quarter to reach AED 175.8m. The bank cut impairment costs by 18.8 per cent in the second quarter compared to the first quarter of 2014.

ADIB’s total assets reached AED105.7bn as of the end of June, an increase of 15.4 per cent on the same period last year.

The bank’s results follow similar profit announcements from other UAE banks, with the majority so far posting increased profits in the second quarter.

Sharjah-based United Arab Bank announced profits of AED328m for the first six months of the year, a 26 per cent increase in net profits compared to the first half of 2013.

Union National Bank in Abu Dhabi has posted net profits of AED515.6m for the second quarter of 2014, a 6 per cent increase on the second quarter last year.