Comerica 2Q profit rises 5.7 percent

 

The Associated Press

Comerica Inc. (CMA) on Tuesday reported profit that rose by 5.7 percent in its second quarter, and beat analysts' expectations.

The bank, based in Dallas, said net income after dividends on preferred stock increased to $149 million, or 80 cents per share, from $141 million, or 76 cents per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was a gain of 76 cents per share.

The company said revenue rose 2.3 percent to $636 million from $622 million in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $626.4 million, according to Zacks.

Net interest income rose to $416 million from $414 million. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank's ability to profit from its lending.

Noninterest income, which includes fees, insurance and gains on securities, fell to $220 million from $222 million.

Noninterest expenses fell to $404 million from $416 million.

For the full year, Comerica said it expects noninterest income to be "modestly lower" from the year before and noninterest expenses to be lower. It expects loan growth of 4 percent to 6 percent.

Comerica shares rose $1.21, or 2.4 percent, to $51.75 in morning trading. Its shares are up 8.5 percent since the beginning of the year.

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