What's Going On With Zions Bancorp Shares Today?
Portfolio Pulse from Shivani Kumaresan
Zions Bancorporation, N.A. (NASDAQ:ZION) reported a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing analyst estimates by a slight margin. Pre-provision net revenue fell 33%, while loans and leases saw a 3% increase. Nonperforming assets were at 0.44% of loans and leases, with total deposits up 7%. Net Interest Margin decreased to 2.94% from 3.33% last year, though the CET1 capital ratio improved to 10.4%. Adjusted EPS of $1.03 beat estimates, and ZION shares rose 2.7% to $41.01.
April 22, 2024 | 1:45 pm
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Zions Bancorporation reported a revenue decline and a decrease in net interest margin but saw an increase in loans, leases, and deposits. Adjusted EPS exceeded expectations, leading to a 2.7% rise in share price.
Despite the revenue decline and lower net interest margin, Zions Bancorporation's ability to beat EPS estimates and report growth in loans and deposits likely contributed to positive investor sentiment, driving the share price up in the short term.
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