"The remarkable success we've had with these conversions is really a testament to the skills and dedication of our colleagues. This modernization journey has created a catalyst for driving simplification and consistency throughout our company."
— Harris Simmons, Chairman and CEO
03Detailed Report
ZION
Company ZION
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
Swipe to view all report sections
Executive Summary
Zions delivered a solid QQ2 2024 showing a favorable margin trajectory and resilient profitability amid ongoing rate uncertainty. Net interest income remained the dominant revenue driver, supported by a 4 basis point linked-quarter NIM expansion and a 6 basis point year-over-year improvement as asset repricing outpaced funding costs. The quarter featured a notable operational milestone—the successful completion of the core conversion to Bancorp/TCS—creating a more streamlined data model for loans and deposits, real-time analytics, and enhanced digital capabilities. On the credit front, charge-offs remained modest (annualized 10 bps), but the loan portfolio experienced a notable uplift in classified and criticized balances driven largely by C&I exposures and CRE-related moves in multifamily. Management framed the improvement in tangible book value (up 20.1% YoY) and a CET1 ratio of 10.6% as evidence of a strengthened capital base capable of supporting ongoing investment in technology, deposits, and capital markets expansion.
Key Performance Indicators
Revenue
Increasing
1.24B
QoQ: 2.73% | YoY: 6.60%
Gross Profit
Increasing
762.00M
61.30% margin
QoQ: 4.53% | YoY: 3.81%
Operating Income
Increasing
262.00M
QoQ: 29.06% | YoY: 15.93%
Net Income
Increasing
201.00M
QoQ: 31.37% | YoY: 14.86%
EPS
Increasing
1.28
QoQ: 33.33% | YoY: 14.29%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $1.243B; gross profit $762M; gross margin 61.3%. YoY revenue growth 6.6%, QoQ 2.7% (per earnings data).
- Net income: $201M; diluted EPS $1.28; YoY EPS +14.3%, QoQ +33.3%.
- Net interest income: component of ~80% of revenue; NIM expanded 4 bps QoQ and +6 bps YoY.
- PPNR (adjusted pre-provision net revenue): $278M, up from $242M in 1Q24.
- Credit metrics: annualized net charge-offs 10 bps; allowance for credit losses 1.24% of loans (down 3 bps QoQ).
- Balance sheet health: total assets $87.6B; CET1 10.6%; common equity book value +20.1% YoY; deposits broadly flat-to-down modestly; cash and cash equivalents $2.99B; cash and short-term investments $12.51B.
- Cash flow: operating cash flow $251M; free cash flow $234M; cash at period-end $717M; operating cash flow to sales ratio favorable in the core loan/deposit mix.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.24B
6.60%
2.73%
Gross Profit
762.00M
3.81%
4.53%
Operating Income
262.00M
15.93%
29.06%
Net Income
201.00M
14.86%
31.37%
EPS
1.28
14.29%
33.33%
Key Financial Ratios
Gross Profit Margin
Excellent
61.30%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Good
21.10%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
16.20%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.23%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.34%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.18
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.03
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
7.93x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.06x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Zions Bancorporation National Association (ZION) QQ1 2026 Results: Revenue Decline Overlayed by Profitability Strength – Solid Net Income and EPS Gr...
Zions Bancorporation National Association (ZION) QQ4 2024 Results Analysis: NIM Expansion, Moderate Loan Growth, CRE Credit Quality and 2025 Outlook...
Zions Bancorporation National Association (ZION) Q3 2024 Results Analysis: NIM Expansion, CRE Credit Quality Trends, and Strategic Growth in a Moderat...