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Fee income and improvement in asset quality helped Comerica in Dallas increase third-quarter earnings.
October 16 -
Comerica in Dallas reported flat quarterly earnings as cost cuts and improved credit quality offset a dip in lending revenue.
July 16 -
Competition for large corporate loans is as intense as ever and, until it eases, the Dallas bank is content to let its middle-market lending drive profits.
July 16
Comerica (CMA) in Dallas posted higher fourth-quarter earnings because of fewer chargeoffs and a smaller loan-loss provision.
The $65 billion-asset company's earnings rose 12% from a year earlier, to $145 million. Earnings per share of 77 cents were 3 cents higher than the average estimate of analysts polled by Bloomberg.
Net interest income ticked up 1% from a year earlier, to $430 million, because of lower deposit rates and lower interest on medium- and long-term debt. Loans were flat and deposits rose by 3% from the end of 2012. The net interest margin compressed by 1 basis point from a year earlier, to 2.86%.
Noninterest income was flat from a year earlier, at $204 million. Noninterest expenses rose 0.5% from the fourth quarter of 2012, primarily because of increased salaries and employee benefits.
Comerica's loan-loss provision fell 44% from a year earlier, to $9 million. Net chargeoffs fell 65% from the fourth quarter of 2012, to $13 million.
