Zions posts profit as loan growth improves
SAN FRANCISCO (MarketWatch) — Zions Bancorp
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-1.59%
late Monday said it earned $44.4 million, or 24 cents a share, in the fourth quarter as loan growth and credit quality improved. In the same 2010 period, the Utah-based regional bank suffered a loss of $110.3 million. Zions said its net interest margin — a key profitability measure for banks — rose to 3.86% from 3.49% in the year-ago quarter. Nonaccrual loans fell 15%. Average loans and leases, excluding FDIC-supported loans, edged up 0.4%. Average deposits rose 1.9% to $42.2 billion. “We also are pleased with the somewhat stronger loan growth this quarter and with signs of strengthening loan pipelines, particularly for business loans,” CEO Harris Simmons said in a statement. Zions shares are up 14% since yearend 2011.
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Article source: http://www.marketwatch.com/story/zions-posts-profit-as-loan-growth-improves-2012-01-23
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