BUZZ-Regional lender Zions gains after Q3 profit beat, PT hikes

Reuters10-22

** Regional lender Zions Bancorporation's shares rise ~2.5% to $50.65 premarket

** Co after market on Monday reported Q3 profit of $1.37 per share vs $1.13 per share, a year earlier

** Analysts on avg had expected $1.17 per share, according to estimates compiled by LSEG

** At least six brokerages raise price targets on the stock after results

** Net interest income (NII) - the difference between what a bank earns as interest on loans and pays out on deposits - rose 6% in the quarter to $620 mln

** "Solid downward trajectory on tap in funding costs, which should help support net interest margin and NII expansion in 4Q24 and beyond," analysts at J.P. Morgan say

** Loans and leases climbed 3% to $58.9 bln in Q3, while total deposits were flat at $75.7 bln

** Provisions for credit losses or the capital banks set aside to cover loans that may go into default, declined to $13 mln vs $41 mln in year-ago quarter

** As of last close, stock up ~12.7% YTD, while KBW Regional Banking Index - benchmark for the sector - has gained 5% over the same period

(Reporting by Manya Saini in Bengaluru)

((Manya.Saini@thomsonreuters.com))

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