By Yasin Ebrahim
Investing.com - Zions reported Monday first quarter earnings that beat analysts' forecasts, but revenue that fell short of expectations.
Zions announced earnings per share of $1.27 on revenue of $686 million. Analysts polled by Investing.com anticipated EPS of $1.15 on revenue of $700.97 million.
Zions shares gained 3.16% in after-hours trade following the report.
The better-than-expected Q1 profit comes even as the company faced higher operating, driven by higher level of compensation increases amid a tight labor market, and increased incentive compensation accruals.
The bottom-line was boosted by an improvement in credit quality, which helped cut credit loss provisions, the amount of cash the bank needs to set aside to cover potential loan defaults,
The bank touted further growth ahead as higher interest rates and stronger loan growth are expected to produce improved performance through the remainder of the year.
Bank of America had beat expectations on April 18 with first quarter EPS of 80 cents on revenue of $23.23 billion, compared to forecast for EPS of 74 cents on revenue of $23.13 billion.
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