Shares of Zions Bancorporation (ZION) soared 5.18% on October 22, 2024, after the regional lender reported better-than-expected financial results for the third quarter of 2024 and provided an optimistic outlook for the future.
The company's net earnings for the quarter rose to $204 million, a $14 million increase from the prior quarter, driven by higher revenues and lower expenses. Zions' net interest margin expanded by 5 basis points to 2.60%, benefiting from higher earning asset yields and stable funding costs.
Notably, Zions' capital markets division had a record quarter, contributing to a $7 million increase in customer-related non-interest income, which reached $161 million. The company's loan growth, while modest at under 1% for the quarter, was supported by strength in commercial lending and a stabilization in non-interest bearing demand deposits.
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