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
Philips Lighting, the splinter group of Dutch consumer electronics giant Philips, saw its shares rally around 8.50 percent on its debut on Friday at the Amsterdam stock exchange. The shares are currently at 21.70 euros, above its set pricing of 20 euros per share. Goldman Sachs is changing the way it reviews the performance of its some 36,500 employees, media reported Thursday, citing two company wide memos. The bank, considered to be a forerunner in formulating employee compensation policy, is looking to scrap a system that rated employees on a scale of 1 to 9. The system is considered to grind down employee morale. Taiwanese electronics assembler Foxconn Technology Group has replaced 60,000 workers at a factory in China with robots, according to a report in the South China Morning Post. However, the company, which is a major supplier to Apple and Samsung, expects to maintain a significant workforce in China.
comments powered by Disqus
Follow RTT