Zions Bancorporation Q3 EPS Rises 20% to $1.78 on Improved Credit Quality

Zions Bancorporation NA (ZION) reported third-quarter earnings of $262 million, or $1.78 per share, up 20% from $221 million, or $1.48 per share, a year earlier, the lender said. Net loan charge-offs fell to $3 million from $56 million, which the company attributed primarily to improved credit quality. Excluding items, profit was $264 million versus $223 million. Total non-interest income rose to $197 million from $189 million, and net interest income increased to $684 million from $672 million. Total interest income slipped to $1.046 billion from $1.064 billion. Loans held for investment, net of allowance, stood at $61.827 billion, compared with $59.599 billion a year ago. Total deposits were $77.948 billion, up from $74.878 billion. CEO Harris H. Simmons cited the credit-quality improvement as the main driver of higher earnings.