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HomeBusinessZions Bancorp Shares Up 3 percent Despite Q3 Miss

Zions Bancorp Shares Up 3 percent Despite Q3 Miss

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Zions Bancorp (NASDAQ:ZION) shares were up more than 3% Tuesday afternoon despite the company’s reported Q3 results, with EPS of $1.40 coming in worse than the Street estimate of $1.56.
Core bank results were solid with favorable spread revenue dynamics despite a moderate decline in deposit balances. Net interest income grew 11.8% sequentially to $663 million reflecting the rate environment as the margin increased 37 bps sequentially to 3.24%.
Management maintained its 12-month outlook and continued to suggest growth across most categories, including moderately higher loan balances, rising latent and emergent asset sensitivity driving higher net interest income, and slightly increasing customer-related fees.
Meanwhile, adjusted expenses are expected to increase moderately due to inflationary pressures and the build-out of the company’s capital markets business.

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