Cullen/Frost Bankers Q2 Profit Tops Estimates

Cullen/Frost Bankers, Inc. (CFR) reported second quarter net income available to common shareholders of $117.4 million compared to $116.4 million, prior year. On a per-share basis, net income was $1.81, compared to $1.80. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.77, for the quarter. Analysts' estimates typically exclude special items.

Net interest income on a taxable-equivalent basis was $311.4 million, an increase of 11.2 percent from last year. Non-interest income totaled $97.9 million, an increase of 7.3 percent, from $91.2 million, prior year. Analysts on average had estimated $396.7 million in revenue.

The Cullen/Frost board declared a third-quarter cash dividend of $0.87 per common share, representing an increase of 16 percent. The dividend on common stock is payable September 15, 2022 to shareholders of record on August 31 of this year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
Follow RTT