Cullen/Frost Bankers, Inc. (NYSE: CFR) has released its third-quarter financial results for 2023, indicating a notable uptick in revenue despite a slight decrease in earnings per share (EPS). According to the report published on October 26, 2023, by Rachael Rajan, Editor of Stock Markets, the company posted a Q3 revenue of $513.35 million, reflecting a robust 7.1% year-over-year (YoY) increase. However, the company’s EPS for the quarter came in at $2.38, marking a decrease from the previous year’s $2.59.
The comprehensive financial report unveiled several key metrics, underlining the bank’s financial health. Notable figures include a net interest margin of 3.4%, a total risk-based capital ratio of 15.3%, net loan charge-offs of a minimal 0.1%, and total earning assets averaging $45.37 billion. The Tier 1 risk-based capital ratio was reported at 13.8%, non-performing loans were recorded at $67.18 million, and the leverage ratio stood at 8.2%.
In addition to these figures, Cullen/Frost reported a net interest income of $407.35 million and non-interest income of $106 million for the third quarter of 2023. The bank derived $37.62 million from trust and investment management fees, while other charges, commissions, and fees amounted to $13.13 million.
Despite these encouraging financial results, Cullen/Frost’s shares experienced a 5.6% decline over the past month, which is a matter of note for investors and market observers.
