Zions earnings beat, revenue misses in first quarter
By Yasin Ebrahim
Investing.com – Zions on Monday posted a first quarter that beat analysts’ forecasts, but revenue fell short of expectations.
Zions reported earnings per share of $1.27 on revenue of $686 million. Analysts polled by Investing.com expected EPS of $1.15 on revenue of $700.97 million.
Shares of Zions gained 3.16% in after-hours trading following the report.
The better-than-expected first-quarter profit comes even as the company grappled with an increase in operations, driven by a higher level of compensation increases in a tight labor market, and increased accruals. incentive compensation.
Net income was boosted by improved credit quality, which helped reduce provisions for credit losses, the amount of cash the bank needs to set aside to cover potential defaults,
The bank touted continued growth ahead as higher interest rates and stronger loan growth should produce better performance through the rest of the year.
Bank of America beat expectations on April 18 with first-quarter EPS of 80 cents on revenue of $23.23 billion, versus a forecast EPS of 74 cents on revenue of $23.13 billion. dollars.
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