BSP Financial Group's (ASX:BFL) unaudited net profit after tax for the first quarter came in at 278 million Papua New Guinean Kina, up nearly 15% from the 243 million Papua New Guinean Kina reported in the prior-year quarter, according to a Wednesday Australian bourse filing.

Revenue rose nearly 19% to 900 million Papua New Guinea Kina from 760 million Papua New Guinea Kina year-over-year, while net interest income climbed almost 16%.

Its capital adequacy ratio during the March quarter was around 24%, down 50 basis points year-over-year, but above regulatory requirements.

It is approaching peak expenditure for the "Modernizing for Growth" program during 2026 and 2027, after which it expects its cost-to-income ratio to normalise within the 42% to 45% target range, its Chief Executive Mark Robinson said. The ratio was 45% in the first quarter.