Cullen/frost Bankers ( (CFR) ) has released its Q4 earnings. Here is a breakdown of the information Cullen/frost Bankers presented to its investors.
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Cullen/Frost Bankers, Inc., headquartered in San Antonio, Texas, is a financial holding company providing a comprehensive range of banking, investment, and insurance services across Texas. As one of the 50 largest U.S. banks, it has a rich history dating back to 1868.
In its latest earnings report, Cullen/Frost Bankers announced a significant increase in net income for the fourth quarter of 2024, amounting to $153.2 million, up from $100.9 million in the same period of 2023. The company also authorized a $150 million stock repurchase program and declared dividends for the first quarter of 2025.
Key financial highlights include a 5.8% increase in net interest income, reaching $433.7 million for the fourth quarter, and a 9.3% rise in average loans compared to the previous year. Non-interest income also saw an 8.0% increase, driven by higher service charges and investment management fees. However, annual net income for 2024 saw a slight decline to $575.9 million, impacted by FDIC surcharges.
Despite this, the company’s capital ratios remain strong, with the Common Equity Tier 1 Capital Ratio at 13.62%, well above regulatory requirements. The board’s decision to authorize a significant stock repurchase program signals confidence in the company’s growth prospects.
Looking ahead, Cullen/Frost Bankers aims to continue its strategic focus on expanding customer relationships and managing expenses effectively, ensuring long-term stability and profitability in an evolving economic landscape.
