UAE-based Islamic bank Al-Hilal Bank has posted net profits of AED441.4m ($120.1m) for the full year 2013, marking a 42 per cent increase compared to the previous year.

The increase in profits has been put down to growth in the bank’s assets and improvements to the quality of assets. Al-Hilal’s assets reached AED38.7bn at the end of 2013, an increase of 20 per cent on 2012’s results.

Customer deposits also rose by 13 per cent reaching AED28.2bn. The bank also saw its non-performing loans improve to around 1.2 per cent of its total financings in 2013.

The bank is aiming to grow further during 2014, having already attracted approximately 4,000 new customers during the first two-and-a-half months of the year.

It is also planning to open two new branches in the UAE bringing its total branch network to 24, which includes 3 branches in Kazakhstan.

The bank was set up in June 2008 and is fully owned by the Abu Dhabi Investment Council.

Last September, the bank issued its debut sukuk worth $500m.