SALT LAKE CITY - Zions Bancorporation, N.A. (NASDAQ: NASDAQ:ZION) reported a significant increase in its second-quarter earnings, surpassing analyst expectations.
The bank announced a net income of $190 million, or $1.28 per diluted common share, which is $0.19 higher than the analyst estimate of $1.09. This performance represents an increase from the $166 million, or $1.11 per diluted common share, reported in the same quarter of the previous year. Revenue for the quarter also exceeded forecasts, coming in at $776 million against the consensus estimate of $761.26 million.
The positive financial results have led to a 3.8% surge in Zions Bancorp 's shares.
Chairman and CEO Harris H. Simmons highlighted the bank's continued improvement in net interest margin, effective expense management, and strong credit quality, which contributed to the low loan losses. He also noted a 20% increase in tangible book value per share over the past year.
Simmons further remarked on the successful conversion of deposit accounts to a new core processing system, which marks the completion of Zions' multi-year FutureCore project. This modernization is expected to enhance the bank's transaction processing capabilities and customer service experience.
Zions Bancorporation, with a strong presence across 11 western states, has consistently received recognition for its services in small- and middle-market banking and public finance advisory. As the bank moves forward, the successful earnings report and the completion of significant technology upgrades position it favorably in the competitive financial services industry.
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