Zions Bancorporation: 2Q26 EPS REVIEW: Constructive on NII outlook despite stable NIM given asset sensitivity

研报英文原文证据摘录

Zions Bancorporation: 2Q26 EPS REVIEW: Constructive on NII outlook despite stable NIM given asset sensitivity

Equity Research

U.S. Large-Cap Banks

20 July 2026

Zions Bancorporation

2Q26 EPS REVIEW: Constructive on

NII outlook despite stable NIM

ZION UNDERWEIGHTgiven asset sensitivity

Unchanged

After the close, operating EPS beat as fees (cap mkts, non-V/ U.S. Large-Cap Banks POSITIVE

SBIC securities gains) and provisions (despite C&I NALs up Unchanged

$13mn) were better than expected. NII (although NIM flat Price Target USDUnchanged72.00

after 9 quarters of expansion), expenses and tax rate were Price (20-Jul-26) USD 71.89

inline. Its 4-quarter forward outlook slide was unch’d from Potential Upside/Downside +0.2% Source: Bloomberg, Barclays Research

1Q26

Market Cap (USD mn) 10574

Shares Outstanding (mn) 147.09

Free Float (%) 98.57

52 Wk Avg Daily Volume (mn) 1.7

Dividend Yield (%) 2.50

Executive Summary Return on Equity TTM (%) 14.20 Current BVPS (USD) 49.16

Bottom line: Operating EPS exceeded consensus expectations due to better than expected fee Source: Bloomberg

income (capital markets and securities gains beyond V/SBIC) and provision for credit losses

(despite C&I NALs up $13mn). Net interest income (NIM flat after 9 quarter expansion), expenses Price Performance Exchange-Nasdaq

and tax rate were in line. Looking out over the next 12-months, ZION left its guidance 52 Week range USD 73.34-46.19

unchanged, still expecting period-end loans (led by C&I), net interest income (balance sheet

remix, loan and deposit growth), fee income (capital markets-driven) and expenses (technology

costs, increased marketing, and continued investments in revenue) to all be moderately

increasing. Still, it noted if the current rate backdrop holds (two 25bp rate hikes), NII growth