Zions Posts Lower Profit; Regional Lender Continues to Reduce Exposure to Complex Investments
Zions Bancorp. said its first-quarter earnings fell 8.6% as the regional lender continued to slash its exposure to complex investments that hindered the firm's stress-test results with the Federal Reserve.</br></br>The Salt Lake City-based bank posted a profit of $101.2 million, down from a year-earlier profit of $110.7 million. On a per-share basis, which reflects the payment of preferred dividends, earnings were 41 cents, down from 48 cents a year earlier.</br></br>Revenue rose 2.9% to $554.8 million.</br></br>Analysts polled by Thomson Reuters had expected earnings of 42 cents a share and revenue of $543.7 million.</br></br>While the banking industry has struggled to boost revenue in the face of low interest rates and muted economic recovery, several regional lenders have reported an uptick in borrowing, especially among business clients, in recent days.