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Mar 31, 2023
Zions Q1 2023 Earnings Report
Zions' financial performance was marked by solid results overshadowed by industry concerns, with increased net earnings and net interest income.
Key Takeaways
Zions Bancorporation reported a net earnings increase to $198 million, with diluted EPS of $1.33, driven by a 25% increase in net interest income. The bank's NIM rose to 3.33%, while deposits decreased by 16%.
Net earnings increased to $198 million, with diluted EPS at $1.33.
Net interest income rose by 25% to $679 million, with a NIM of 3.33%.
Loans and leases increased by 10% to $56.3 billion.
Deposits decreased by 16% to $69.2 billion.
Zions
Zions
Forward Guidance
Events during the quarter accelerated a change in funding mix and costs that we expect will reduce the near-term quarterly ‘run rate’ of revenue by approximately 4%, we expect an increased focus on operating costs will offset a portion of this impact.