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Sep 30, 2025
Zions Q3 2025 Earnings Report
Zions Bancorporation reported higher core revenue and improved efficiency in Q3 2025, despite a notable credit loss impact.
Key Takeaways
Zions Bancorporation delivered solid results in Q3 2025, with revenue of $861 million and net income of $221 million. Net interest margin expanded for the seventh consecutive quarter, and deposits increased. However, earnings were adversely affected by a $50 million charge-off from two commercial loans.
Revenue reached $861 million, with adjusted pre-provision net revenue up 18% YoY.
Net interest margin increased to 3.28%, marking the seventh consecutive quarterly rise.
Deposits grew at a 3.1% annualized rate compared to Q2 2025.
Credit results were impacted by a $50 million charge-off tied to irregular commercial loans.
Forward Guidance
Zions expects moderate growth across loans, net interest income, and customer-related fee income into Q3 2026, with rising expenses from strategic investments.
Positive Outlook
- Commercial loan growth expected to lead overall loan growth.
- Net interest income to rise due to asset repricing and balance growth.
- Customer-related fee income to increase from higher client activity.
- Capital markets anticipated to contribute significantly to noninterest income.
- Positive operating leverage expected despite rising costs.
Challenges Ahead
- Noninterest expense projected to increase due to tech and marketing investments.
- Credit costs may remain elevated from commercial real estate exposures.
- Deposit pricing pressures could limit NIM expansion.
- Modest growth expected in consumer lending segment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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