© Reuters.
Cullen/Frost Bankers (NYSE:), Inc. reported its third quarter results for 2023, revealing a revenue of $513.35 million, marking a year-over-year increase of 7.1%. The company’s earnings per share (EPS) stood at $2.38, a decrease from the previous year’s $2.59.
The key metrics of the financial report included a net interest margin of 3.4%, total risk-based capital ratio of 15.3%, net loan charge-offs of 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 at $67.18 million, and the leverage ratio was at 8.2%.
The San Antonio-based bank also reported a net interest income of $407.35 million and non-interest income of $106 million for the third quarter of 2023. Trust and investment management fees contributed $37.62 million, while other charges, commissions, and fees were valued at $13.13 million.
Despite the positive results, Cullen/Frost’s shares have seen a decrease of 5.6% over the past month.
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