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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