logo
Share SHARE
FONT-SIZE Plus   Neg

Cullen/Frost Bankers Q1 Profit Up - Quick Facts

Cullen/Frost Bankers, Inc. (CFR) posted first quarter profit of $61.03 million or $0.99 per share versus $51.93 million or $0.85 per share a year ago.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share. Analysts' estimates typically exclude special items.

Net interest income grew to $149.71 million from $141.76 million a year ago. Total non-interest income was down to $71.98 million or $72.33 million in the prior-year quarter. Analysts estimated revenues of $236.96 million.

"Cullen/Frost's record quarterly earnings reflect our ability to operate effectively despite regulatory challenges and low interest rate headwinds in a slowly recovering economy," said Dick Evans, Cullen/Frost chairman and CEO.

"We are starting to see some growth in period-end loans compared to last quarter thanks to the foundation of new and expanded customer relationships we nurtured during the recession, although many businesses are still being cautious. Our strong deposit growth trend continued as we added another $1.9 billion in average deposits since the first quarter of 2011. Since year-end 2007, we have increased our asset size by more than 50 percent..."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Wells Fargo's two former employees have filed a lawsuit against the bank, seeking $2.6 billion, on behalf of employees affected amid the unauthorized accounts scandal. The plaintiffs are seeking class-action status for the lawsuit. Former employees Alexander Polonsky and Brian Zaghi accuse Wells Fargo of wrongful termination. Tech entrepreneur Elon Musk unveiled plans for his space transport company SpaceX to build a rocket and spacecraft designed to start a self-sustaining city on Mars. The planned rocket system would be capable of taking people to Mars and supporting a permanent city on the red planet that could be achieved within 40 to 100 years. Amazon.com Inc. is launching free same-day delivery for its Prime members in Toronto and Vancouver as the busy holiday shopping season is fast approaching. Starting Tuesday, the online retailer will offer free same-day deliveries on orders over $25 of one million items in Toronto and 700,000 items in Vancouver. These items ranges from everyday household goods to toys, electronics and luggage.
comments powered by Disqus
Follow RTT