Zions Bancorp. Q1 Profit Misses Estimates - Quick Facts

(RTTNews) - Zions Bancorp. (ZION) reported net earnings applicable to common shareholders for the first quarter of 2016 of $78.8 million, or $0.38 per common share, compared to $75.3 million, or $0.37 per share, a year ago. On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39 for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $453 million, up 9% from a year ago. Net interest income after provision for loan losses was $410.7 million compared to $418.8 million, prior year. Total non-interest income was $116.8 million compared to $117.3 million. Analysts expected revenue of $576.49 million, for the quarter. Adjusted pre-provision net revenue was $182 million, up 21% from prior year.

Harris Simmons, CEO, said, "We continue to generate strong growth in pre-provision net revenue, reflecting operating leverage improvement resulting from solid loan growth, a more profitable earning assets mix and controlled core operating expenses. We are on track to achieve the goals we established in mid-2015, leading to an efficiency ratio of 66% or better in 2016 and in the low 60% range in 2017 while accelerating revenue growth."