Cullen/Frost Bankers, Inc. (CFR) disclosed a net income of $134.0 million available to common shareholders for the first quarter. This signifies a drop from the previous year's $175.98 million. If we omit particular items, the net income would be approximately $140.1 million, a decline of 20.4 percent compared to the first quarter of 2023. The per-share net income available to common shareholders was $2.06, as opposed to the previous year's $2.70. If the impact of the FDIC special assessment accrual isn't considered for the first quarter, the per-share earnings would have been $2.15, indicating a decrease of 20.4 percent compared to the first quarter of 2023. An average poll by Thomson Reuters of 16 analysts anticipated the company would have a per-share profit of $2.12 for the quarter, with special items generally excluded from such estimates.
Implementing a taxable-equivalent basis, the net interest income for the first quarter of 2024 was $411.4 million, showing a decline of 3.4 percent when compared to the corresponding quarter in 2023. Conversely, total non-interest income saw an increase, rising to $111.38 million from 2023's $105.27 million. On average, revenue was estimated to be $515.99 million, according to analysts.
