(Reuters) - Regional lender Zions Bancorp’s (ZION.O) second-quarter profit nearly doubled as a result of a reduction in preferred stock dividends due to the $700 million TARP redemption and related warrant amortization in the first quarter.
Net income rose to $55.2 million, or 30 cents per share, from $29 million, or 16 cents per share, a year earlier.
Excluding items, Zions earned 40 cents per share.
The bank's shares, which have fallen about 9 percent in the last three months and underperformed the S&P 500 Index .SPX, closed at $18.57 on Monday on the Nasdaq.
Reporting by Ashutosh Pandey in Bangalore