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Sterling Bank has reported that its after-tax profit fell 35 percent year-on-year for the first quarter ended March 31, 2016.

According to a statement released on Thursday, Sterling Bank’s after-tax profit fell to N2.5 billion in Q1 2016 compared with N3.9 billion in the same period of last year.

Notwithstanding its significant decline, the bank’s profit still exceeded estimates of N1.1 billion compiled by analysts at CardinalStone Partners.

Gross earnings also surpassed estimates, though earnings fell 6.3 percent year-on-year to N25.5 billion in Q1 2016 compared with N27.2 billion in the previous year. Total assets rose 0.6 percent to N804.3 billion in Q1 2016 compared with N799.5 billion as at December 2015.

Sterling Bank said its credit impairment charges rose 54 percent to N1.4 billion in Q1 2016 compared with N933.8 billion reported in the same period last year. The bank said its non-performing loan ratio rose to 4.8 percent in Q1 2016 as against 3.6 percent in the same period last year.

Sterling Bank’s stock fell 4.73 percent to close at N1.41 at the Nigerian Stock Exchange on Friday.