Abu Dhabi Commercial Bank (ADCB) has posted profits of about AED2.2bn ($599m) for the first half of the year, an increase of 19 per cent compared with the same period last year.

Operating income grew by 1 per cent to about AED3.8bn in the first half of this year, compared with the same period in 2013. 

The bank’s net fees and commission income also reached AED589m in the first half, an increase of 24 per cent compared with the first half last year.  

ADCB’s asset quality improved in the first half, with net impairment allowance charges reduced to AED407m. The lender’s non-performing loan (NPL) ratio also improved during the first six months of the year to 3.4 per cent.

ADCB’s net loans and advances portfolio climbed up by 2 per cent to AED134bn, compared with figures at the end of 2013. The bank’s customer deposits increased at a similar rate of 3 per cent to AED119bn, compared with the end of last year.