Cullen/Frost Bankers Q2 Profit Tops Estimates; Boosts Dividend 3.3%

(RTTNews) - Bank holding company Cullen/Frost Bankers, Inc. (CFR) on Thursday reported that second quarter net income available to common shareholders declined to $143.83 million or $2.21 per share from $160.45 million or $2.47 per share in the prior-year quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $2.07 per share for the quarter. Analysts' estimates, usually, exclude one-time items.

Net interest income on a tax-equivalent basis grew 2.2 percent to $396.71 million from $385.27 million in the year-ago quarter. The company's non-interest income was up 7.4 percent to $111.19 million from $103.53 million in the prior-year quarter. Analysts expected revenues of $515.36 million for the quarter.

The Cullen/Frost board declared a 3.3 percent higher second-quarter cash dividend of $0.95 per common share, payable September 13, 2024 to shareholders of record on August 30 of this year.

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