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Jim Cramer Says Zions Bancorporation’s “Overall Results Were Fairly Solid”

Zions Bancorporation, National Association (NASDAQ:ZION) is one of the stocks Jim Cramer recently highlighted. Cramer discussed the company’s earnings during the episode, as he said:

“Last Wednesday night, Zions Bancorp, which is a Utah-based regional bank, disclosed that it was taking a $50 million charge related to two commercial industrial loans… When that regulatory filing was published, it wasn’t exactly clear who the borrowers were, but a $50 million hit to a smaller regional bank like Zions is a much bigger deal than $170 million hit to a colossus like JPMorgan…

Bank earnings were generally pretty strong. Last night, Zions Bancorp reported its full third-quarter earnings report, and the overall results were fairly solid with the top line beat, a better-than-expected efficiency ratio, and a 2-cent earnings beat. After noting the previously disclosed $50 million credit charge, Zions CEO Harris Simmons said… ‘We view this as an isolated situation resulting from a particular couple of borrowers. We have no further exposure related to these borrowers or guarantors. I would note that, excluding the impact of this matter, net charge-offs were minimal at 4 basis points annualized on average loans, and credit quality generally improved for the quarter as well.’… That went a long way towards easing the concerns about Zions, and the stock rallied over 1% today in response. At this point, it’s rebounded so hard that it’s down just 2.5% from where it was trading before management disclosed that credit loss last week.”

A person with stock market data on a laptop. Photo by Anna Nekrashevich on Pexels

Zions Bancorporation, National Association (NASDAQ:ZION) provides commercial, real estate, and consumer banking services. The company offers lending, deposit, and cash management solutions in addition to capital markets, investment banking, and wealth management.

While we acknowledge the risk and potential of ZION as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ZION and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

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