WASHINGTON (dpa-AFX) - Zions Bancorporation (ZION), a bank and financial holding company, Monday, reported an increase in profit for the first quarter, primarily helped by lower loan loss provisions.
The Salt Lake City, Utah-based company reported a first-quarter net profit applicable to common shareholders of $25.49 million or $0.14 per share, compared to $14.77 million or $0.08 per share last year. On average, 27 analysts polled by Thomson Reuters expected earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter grew to $442.30 million from $423.86 million, where as total non-interest income dropped to $107.0 million from $134.14 million in the prior-year quarter.
Nineteen analysts had a consensus revenue estimate of $565.61 million for the quarter.
Meanwhile, provision for credit losses decreased to $15.66 million from $60.0 million last year.
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