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Jun 30, 2023
Cullen/Frost Bankers Q2 2023 Earnings Report
Cullen/Frost reported second quarter results with increased net income and earnings per share.
Key Takeaways
Cullen/Frost Bankers, Inc. reported a strong second quarter in 2023, with net income available to common shareholders reaching $160.4 million, an increase from $117.4 million in the same quarter of the previous year. Earnings per diluted common share rose to $2.47, marking a 36.5 percent increase year-over-year. The company's board also increased the quarterly common dividend by 5.7 percent to $0.92 per share.
Net income available to common shareholders increased to $160.4 million, up from $117.4 million in Q2 2022.
Earnings per diluted common share rose by 36.5 percent to $2.47 compared to $1.81 in the prior year.
Net interest income on a taxable-equivalent basis increased by 31.2 percent to $408.6 million year-over-year.
Average loans increased by $1.0 billion, or 5.9 percent, to $17.7 billion from $16.7 billion in Q2 2022.
Forward Guidance
Cullen/Frost Bankers, Inc. will host a conference call on July 27, 2023, at 1 p.m. Central Time (CT) to discuss the results for the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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