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 US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT