Centrepoint Alliance made a $4.5 million profit from the $21.4 million sale of its premium funding arm to the Bank of Queensland.

The gain pushed net profit in the half-year to December 31 to $4.6 million, up from $714,000 in the corresponding period of 2015.

Centrepoint Alliance says the sale strengthens its financial position, which includes $35 million cash and zero debt.

“We are delighted with the results achieved over the past six months,” Chairman Alan Fisher said.

“Our wealth business is growing strongly and the sale of premium funding was a great result.”

The sale, agreed on December 30, is expected to be completed at the end of next month.