Zions Bancorporation (NASDAQ: ZION) shares surged over 5% in after-hours trading on October 21, after the regional bank reported better-than-expected third-quarter earnings and revenue, and announced a deal to expand its presence in California.
For the quarter ended September 30, Zions posted earnings per share of $1.37, comfortably beating the consensus estimate of $1.17. The bank's total revenue of $798 million also exceeded analysts' expectations of $778.9 million.
The solid results were driven by a higher net interest margin of 3.03%, up from 2.93% a year ago, as well as controlled operating expenses. Zions' Chairman and CEO Harris H. Simmons highlighted the "continued improvement" in the bank's financial performance, with earnings per share rising 21% year-over-year.
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