Cullen/Frost Bankers Q3 Profit Beats Estimates

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) reported an increase in profit for the third quarter that also topped Wall Street estimates. Returns on average assets and average common equity were 0.90 percent and 9.87 percent, compared to 0.96 percent and 9.30 percent, respectively, a year ago.

Third quarter net income per share was $1.65, compared to $1.50, prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.52, for the quarter. Analysts' estimates typically exclude special items. Net income available to common shareholders increased to $106.3 million from $95.1 million.

Net interest income on a taxable-equivalent basis was $269.3 million, up 0.9 percent, from a year ago. Non-interest income was $93.2 million, an increase of 11.5 percent. Analysts expected revenue of $354.09 million, for the quarter.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.75 per share. The dividend is payable December 15, 2021 to shareholders of record on November 30.