Financial services company Zions Bancorporation NA (NASDAQ: ZION) announced results for the second quarter of 2023, reporting a decline in net earnings.
- Net interest income remained broadly unchanged year-over-year at $591 million in the second quarter of 2023
- Net interest margin was 2.92% during the three-month period, compared to 2.87% last year
- Pre-provision net revenue decreased 9% annually to $283 million; adjusted pre-provision net revenue dropped modestly to $296 million
- Net income declined to $166 million or $1.11 per share in the second quarter from $195 million or $1.29 per share last year
- Noninterest expense was $508 million, up 9%; adjusted noninterest expense moved up 7% annually to $494 million
- Second-quarter efficiency ratio came in at 62.5%, compared to 60.7% in the same period of 2022