The NCB Financial Group is reporting net profit of $13.4 billion for the first six months of its 2020 financial year.

That was up from $12.4 billion last year.

NCB says net profit attributable to stockholders totalled $9.6 billion, a 23 per cent decline from last year.

It said the prior year’s results included a one off-gain of $3.3 billion from the disposal of its interest in an associate company.

Excluding this gain, net profit would have increased by $408 million or four per cent over the prior year.