Shares of Zions Bancorporation surged nearly 10% Thursday after the bank reported rising total deposits after the bell Wednesday.
The Utah-based bank reported a 7% rise in deposits to $74.32 billion from $69.21 billion a year earlier. Net interest income, ie what banks earn from lending and pay out on deposits, declined to $591 million from $593 million.
Net earnings were $1.11 per share, down from $1.29.
The company also said that income from borrowers had steadied.
Shares of Zions gained 10% Thursday to $37.90 — but the stock remains down nearly 30% thus far in 2023.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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