Regional lender Zions gains after Q3 profit beat, PT hikes
** Regional lender Zions Bancorporation's ZION.O 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 .KRX - benchmark for the sector - has gained 5% over the same period
Reporting by Manya Saini in Bengaluru
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