Zions Bancorp Analysts Boost Their Forecasts After Better-Than-Expected Earnings

Zions Bancorporation (NASDAQ:ZION) reported better-than-expected third-quarter financial results on Monday.

Zions Bancorp reported quarterly earnings of $1.37 per share which beat the analyst consensus estimate of $1.17 per share. The company reported quarterly sales of $798.000 million which beat the analyst consensus estimate of $778.857 million.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the continued improvement in our financial performance, reflected in the 21% increase in earnings per share over the same period last year. The net interest margin strengthened to 3.03% from 2.93% a year ago, and operating costs increased a modest 1%. Average noninterest-bearing demand deposits decreased 1.7% relative to the prior quarter of this year, but were flat to last quarter’s ending balance, suggesting continued stabilization of this important source of low-cost funding. ...