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Comerica 3Q Net Triples On Lower Provisions; Results Miss Views

DOW JONES NEWSWIRES Comerica Inc.'s (CMA) third-quarter earnings more than tripled as the bank slashed credit-loss provisions, though results fell short of analysts' estimates and revenue declined. "In this sluggish and still uncertain economic environment, our customers have remained understandably cautious. This is reflected in the weak loan demand and continued strong core-deposit levels," said Chairman and Chief Executive Ralph W. Babb Jr. Comerica--which has banks in hard-hit Michigan, Arizona, Florida and California--has improved its results in recent quarters by decreasing the amount of money it sets aside for potential loan losses, like many other banks. Babb in July said the bank had seen "positive trends" and improving credit quality for several consecutive quarters. On Wednesday, he noted again that results reflected "continued improvement in credit quality." Loan-loss provisions were $122 million, down from $311 million a year earlier and $126 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.32% of average loans from 2.14% and 1.44%, respectively. Nonperforming loans, those near default, rose to 3.24% from 2.99% and 2.98%. Comerica posted a profit of $59 million, up from $19 million a year earlier. On a per-share basis, which includes preferred-dividend payments, the company swung to a 33-cent profit from a 10-cent loss. Revenue dropped 16% to $590 million as net interest income improved 4.9% but non-interest income dropped 41%. Analysts polled by Thomson Reuters had most recently forecast earnings of 41 cents on $620 million in revenue. Shares closed at $38.39 Tuesday and were inactive premarket. As of Tuesday's close, the stock had risen 30% so far this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Comerica (CMA)
DateTimeHeadline
07/23/201516:24:59Current Report Filing (8-k)
07/23/201516:15:00Comerica Reports 2015 Mid-Year Company-Run Stress Test Results
07/21/201508:20:07Regions Financial Profit Slips
07/17/201513:35:14Correction to Comerica's Profit Slips Article
07/17/201508:20:38Comerica Profit Slips on Higher Expenses
07/17/201506:50:26Current Report Filing (8-k)
07/17/201506:40:00Comerica Reports Second Quarter 2015 Net Income Of $135 Million...
07/16/201518:13:37Fifth Third Bancorp Hires Comerica Executive as COO
07/15/201508:00:00The Dallas Entrepreneur Center and Comerica Bank Announce Second...
07/14/201506:01:25Current Report Filing (8-k)
07/13/201518:09:00J. Patrick Faubion Named Executive Vice President of Comerica's...
07/08/201517:53:50Statement of Changes in Beneficial Ownership (4)
07/08/201517:51:51Statement of Changes in Beneficial Ownership (4)
07/08/201517:50:17Statement of Changes in Beneficial Ownership (4)
07/08/201517:44:19Statement of Changes in Beneficial Ownership (4)
07/02/201514:00:00Comerica Bank's Texas Index Still Slipping on Oil
07/02/201512:00:00Comerica Bank's California Index Springs Back
07/02/201510:00:00Comerica Bank's Michigan Index Thaws for Spring
06/30/201515:30:46Disney Taps Treasurer as New Financial Chief
06/25/201516:39:05Annual Report of Employee Stock Plans (11-k)

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