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Zenith Bank Plc has reported that its after-tax profit for the first quarter ended March 31, 2016, fell by 4 percent year-on-year, according to a statement released on the Nigerian Stock Exchange on Monday.

The bank said after-tax profit fell to N26.57 billion in Q1 2016 compared with N27.68 billion profit reported in Q1 2015. The bank’s profit surpassed a consensus estimate of N25.3 billion compiled by analysts at CardinalStone Partners, a financial advisory and asset management firm.

Zenith Bank’s gross revenues fell 12.3 percent to N99.44 billion in Q1 2016 compared with N113.32 billion reported in Q1 2015. The bank’s total assets, however, rose 1.4 percent from N3.94 trillion in Q1 2015 to N3.99 trillion in Q1 2016.

In the quarter under review, Zenith Bank said its basic earnings per share declined to 84 kobo per share compared with 88 kobo per share declared in a corresponding quarter of last year.

Zenith Bank’s stock fell 1.31 percent to N11.3 per share at the close of trading on the NSE on Monday.