Cullen/frost Bankers ( (CFR) ) has released its Q3 earnings. Here is a breakdown of the information Cullen/frost Bankers presented to its investors.
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Cullen/Frost Bankers, Inc., a prominent financial holding company headquartered in San Antonio, offers a comprehensive suite of banking, investment, and insurance services primarily across Texas, ranking among the top 50 largest commercial banks in the United States.
Cullen/Frost Bankers recently disclosed its third-quarter results for 2024, highlighting a slight decline in net income available to common shareholders to $144.8 million from $154.0 million in the same quarter of the previous year. The board also announced a dividend for both common and preferred stock, reflecting the company’s commitment to shareholder returns.
Despite the decrease in net income, Cullen/Frost reported an increase in net interest income by 4.4% to $425.2 million, driven by an 11.8% growth in average loans. However, average deposits experienced a slight decline, while non-interest income rose by 7.3%, supported by higher trust and investment management fees and service charges. The company also saw a notable increase in non-interest expenses, mainly from salaries and technological investments.
Looking forward, Cullen/Frost’s management remains optimistic, focusing on seasonal deposit growth and expanding customer relationships. The bank’s robust capital ratios suggest a well-capitalized position, positioning it favorably against economic uncertainties and supporting its strategic initiatives in the coming quarters.
