SALT LAKE CITY - On Tuesday, Zions Bancorporation, N.A. (NASDAQ: ZION ) reported fourth quarter earnings that exceeded analyst expectations, with net income rising significantly compared to the same period last year.
The Salt Lake City-based bank posted net earnings applicable to common shareholders of $200 million, or $1.34 per diluted share, for Q4 2024. This surpassed the analyst estimate of $1.26 per share and marked a substantial increase from $116 million, or $0.78 per share, in Q4 2023.
Zions reported that adjusted taxable-equivalent revenue grew 9% year-over-year, while adjusted noninterest expense increased by 4%. This resulted in a 19% rise in adjusted pre-provision net revenue compared to the prior year quarter.
"We're pleased with the continued improvement in the financial performance demonstrated by our fourth quarter results," said Harris H. Simmons, Chairman and CEO of Zions Bancorporation.
The bank saw an uptick in net loan losses, which reached an annualized rate of 0.24% in the quarter. However, nonperforming loans decreased 18% compared to the third quarter, now representing 0.50% of total loans.
Simmons expressed optimism for the coming year, stating, "We're optimistic that the coming year will produce sustained growth, continued improvement in our net interest margin, and increased profitability."
As of December 31, 2024, Zions Bancorporation had total assets of approximately $89 billion and annual net revenue of $3.1 billion for 2024.
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