The following is a summary of the Zions Bancorporation, National Association (ZION) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Zions reported net earnings of $143 million for the quarter, with diluted earnings per share of $0.96, up $0.18 from the previous quarter.

• Period end loan balance increased just under 1%, and average balances increased 1.3% for the quarter. Customer deposit balance declined approximately 1%.

• Net charge-offs as a percent of loans were just 4 basis points.

• Pre-provision net revenue was $242 million, down from $262 million in the prior quarter.

• The Common Equity Tier 1 ratio was reported as 10.4%, compared to 10.3% in the last quarter.

• Modest 0.4% increase in adjusted expenses year-on-year was also reported.

Business Progress:

• Zions completed the second migration to its new core deposit system, enhancing client relationship management, data access, transaction processing, and fraud detection.

• Success was reported with a streamlined SBA program for smaller businesses, and improvement in net interest margin is anticipated.

• Continued investment is planned for high-return fee income businesses such as capital markets and wealth management.

• Efficiencies are expected with improvements in automation and core financial transformation work, which are projected to reduce operational expenses.

• The company addressed issues regarding the deposit insurance system, commercial real estate market challenges, and the need for strong capital support. However, specifics are not shared.

More details: Zions Bancorp IR

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