Comerica on Tuesday reported higher quarterly earnings, boosted by a yearlong effort to slash costs.

The Dallas company earned $203 million in the second quarter, or 95% more than a year earlier. Earnings per share were $1.13, or 7 cents higher than the consensus of analyst estimates compiled by FactSet Research Systems.

Comerica Bank Center, located at 411 W. Lafayette Blvd. in Detroit.
Behind the numbers
A mix of lower salary, occupancy and restructuring costs drove down noninterest expenses at Comerica in the second quarter.

A sharp reduction in operating costs drove the quarterly results. Noninterest expenses plunged 12% to $457 million due to a mix of lower salary, occupancy and restructuring costs. The company’s efficiency ratio was 58.63%, compared with 72.43% a year earlier.

Net interest income rose 12% to $500 million. The net interest margin climbed 29 basis points to 3.03%. The provision for credit losses declined 65% to $17 million.

Total loans dipped 2% to $48.7 billion as the company has scaled back on energy lending following the crash in oil prices last year. The bank had total assets of $71.3 billion on June 30.

Fee-based income climbed 3% to $276 million thanks to gains in card fees and service charges.

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