2024-04-23 17:35:43 ET
Summary
- 1Q24 earnings report showed a higher NII/NIM.
- Deposits fell 1% Q/Q due to seasonal reasons, but steady loan growth was recorded.
- Credit quality remains high while management offered an improved outlook on NIM and rates trend.
- The stock trades inexpensively at a P/B of 1.2x.
Zions Bancorporation ( ZION ) has just released its 1Q24 earnings report, and we think the results speak well for the improving trends of the bank we wrote about last quarter. Pre-provision net revenue beat market expectations slightly due to higher net interest margin and lower expenses. Steady loan growth was recorded, but deposits fell 1% Q/Q owing to seasonal reasons. The stock has been trading relatively flat YTD, while the S&P Bank ETF is down almost 5% in the same period....
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Zions Bancorporation: Q1 2024 Results Show Resilience Amidst High Rates