Cullen/Frost Bankers Q1 Profit Tops Estimates

(RTTNews) - Bank holding company Cullen/Frost Bankers, Inc. (CFR) on Thursday reported that first quarter net income available to common shareholders surged to $175.98 million or $2.70 per share from $97.43 million or $1.50 per share in the prior-year quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $2.55 per share for the quarter. Analysts' estimates, usually, exclude one-time items.

Net interest income on a tax-equivalent basis surged 56.4 percent to $425.84 million from $272.19 million in the year-ago quarter. The company's non-interest income was up 3.9 percent to $105.3 million from $101.4 million in the prior-year period. Analysts expected revenues of $508.93 million for the quarter.

The Cullen/Frost board declared a second-quarter cash dividend of $0.87 per common share, payable June 15, 2023 to shareholders of record on May 31 of this year.

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