Utah-headquartered regional
lender, Zions Bancorp, has posted its first quarterly profit
for two years.
In the three months to 31 March, Zions earned
a net profit of $14.8m, compared with a loss of $86.5m in the
corresponding period a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Zions was boosted by improving credit quality;
net charge-offs declined by 36% from the year-ago-quarter to $141m.
Provisions for loan losses fell by 77% to $60m.
One pressing priority for Zions remains
repayment of $1.4bn bail-out funds due to the US Treasury.
In the first quarter, advances declined by
6.1% to $36.7bn while total deposits fell by 3.6% to $40.6bn. Total
assets fell by 1.7% to $50.8bn.
Harris Simmons,
chairman and CEO of Zions, said:
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“During the first quarter we were especially
pleased to see a substantial moderation of loan losses and
continued improvement in credit quality, which allowed for a
material reduction in our provision for loan losses.
“We believe these improved credit measures and
trends are sustainable, and will lead to continued operating
profitability through the remainder of the year.”
Zions ended the first quarter with a branch
network of 491 outlets in Arizona, California, Colorado, Idaho,
Nevada, New Mexico, Oregon, Texas, Utah and Washington.
