Zions' (ZION) profit climbed in the second quarter, topping analysts' expectations.
Earnings and Revenue
The company announced adjusted net income of 40 cents a share against the 33 cents a share estimate. The estimates of 20 analysts ranged from profit of 27 cents to profit of 40 cents.
The company's net income for the quarter was $55.2 million. This is 90.3% higher than the year-ago quarter.
History Against Expectations
The company beat estimates last quarter after missing the mark in the previous two quarters.
"We continue to enjoy strong improvement in credit trends and expect classified loans to continue to trend lower," said Harris H. Simmons, chairman and chief executive officer. "Furthermore, we were pleased to experience a moderate degree of loan growth primarily driven by business loan growth; however, our business customers generally remain quite cautious, which is constraining revenue growth," continued Mr. Simmons. "Finally, supported by the continued improvement in credit quality, we believe we are on track to redeem the balance of the TARP preferred stock in the second half of 2012."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.