However, the new K190m Additional Company Tax (ACT), which only applies to BSP in the banking sector, has had a significant negative impact on Q1 results, with Group profit falling to K69m after expensing the tax in full in the first quarter.
According to BSP Group CEO, Robin Fleming, the pre additional company tax Q1-2022 financial results were driven by improving economic conditions and income growth, when compared to Q1-2021.
“Growth in BSP’s offshore branches and PNG Bank were the main drivers for the overall uplift in underlying Group NPAT,” said Fleming.