Zions’ 2Q profit climbs 47% on loan growth, rate hikes

Mortgage

Increases in short-term interest rates, stronger residential mortgage lending and several recoveries during the second quarter helped to drive up profits for Zions Bancorp. in Salt Lake City.

Net income for the $65.5 billion-asset Zions totaled $168 million in the second quarter, up 47% from last year’s second quarter. Earnings per share increased to 73 cents, beating by 11 cents consensus analysts’ estimates compiled by FactSet Research Systems.

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