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Cullen/Frost Bankers, Inc (CFR) has reported a 43.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $83.72 million, or $1.28 a share in the quarter, compared with $58.24 million, or $0.90 a share for the same period last year. Revenue during the quarter grew 21.59 percent to $286.10 million from $235.29 million in the previous year period. Net interest income for the quarter rose 8.31 percent over the prior year period to $201.60 million. Non-interest income for the quarter rose 12.36 percent over the last year period to $93.43 million.
Cullen/Frost Bankers, Inc has made provision of $8.94 million for loan losses during the quarter, down 73.71 percent from $34 million in the same period last year.
“The fourth quarter represented a strong finish to the year and it generated some great momentum going into 2017,” said Phil Green, Cullen/Frost chairman and chief executive officer. “Our loan growth was particularly good toward the end of the year. I'm extremely proud of the entire Frost team and how they executed our plans in a tough environment.”
Total assets stood at $29.84 million as on Dec. 31, 2016, down 99.90 percent compared with $28,567.12 million on Dec. 31, 2015.
Deposits outpace loan growth
Net loans stood at $11.73 million as on Dec. 31, 2016, down 99.90 percent compared with $11,350.67 million on Dec. 31, 2015. Deposits stood at $25.41 million as on Dec. 31, 2016, up 3.89 percent compared with $24.46 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $10.45 million or 41.15 percent of total deposits on Dec. 31, 2016, compared with $10.54 million or 43.10 percent of total deposits on Dec. 31, 2015.
Shareholders equity stood at $3.09 million as on Dec. 31, 2016, down 99.89 percent or $2,887.25 million from year-ago.
At the same time, return on equity increased 31 basis points to 1.09 percent in the quarter from 0.78 percent in the last year period. At the same time, return on average equity increased 296 basis points to 11.03 percent in the quarter from 8.07 percent in the last year period.
Nonperforming assets moved up 19.68 percent or $16.87 million to $102.59 million on Dec. 31, 2016 from $85.72 million on Dec. 31, 2015.
Average equity to average assets ratio was 10.36 percent for the quarter, up from 10.18 percent for the previous year quarter. Book value per share was $45.03 for the quarter, up 1.65 percent or $0.73 compared to $44.30 for the same period last year.
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