Zions Bancorporation Chairman and CEO Harris Simmons commented, “Our third quarter results continued to demonstrate the positive impact of solid loan growth and moderately higher interest rates, as our net interest margin strengthened to 3.24%, up from 2.68% a year ago, producing strong adjusted pre-provision net revenue (PPNR) growth and positive operating leverage.”
Simmons continued, “Strong PPNR growth was offset by a higher provision for credit losses. Despite material improvements in most of our credit quality metrics relative to both last quarter and last year, we boosted our loan loss reserve to reflect both loan growth and a heightened probability of economic recession in the coming year.”
Third Quarter 2022 Results
- Earnings per Diluted Common Share: $1.40
- Net Earnings: $211 million
- Net Interest Margin: 3.24%
- Common Equity Tier 1: 9.6%