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Cullen/Frost Bankers' Q2 net income rises 8%

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Overview

  • Cullen/Frost Q2 net income rises to $155.3 mln from $143.8 mln yr/yr

  • Net interest income for Q2 grows 7.9% yr/yr to $450.6 mln

  • Company sees slight increase in average total deposits despite seasonal weakness

Result Drivers

  • LOAN GROWTH - Average loans increased by $1.4 bln, or 7.2%, driven by organic growth, per CEO Phil Green

  • DEPOSIT INCREASE - Despite seasonal weakness, average total deposits rose by $1.3 bln, or 3.1%, compared to last year's second quarter

  • NON-INTEREST INCOME - Increase in trust and investment management fees and service charges on deposit accounts contributed to higher non-interest income

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$2.39

Q2 Net Income

$157 mln

Q2 Net Interest Income

$429.60 mln

Q2 Basic EPS

$2.39

Q2 Pretax Profit

$186.62 mln

Press Release:

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