Comerica Inc.'s first-quarter profit soared as credit-loss provisions decreased for the Dallas-based regional bank, though revenue edged lower.
"The encouraging signs we saw in the fourth quarter of 2009 continued in the first quarter," said Chairman and Chief Executive Ralph W. Babb Jr.
The company — which has banks in hard-hit Michigan, Arizona, Florida and California — repaid its federal aid in March, becoming among the nation's last big banks to do so.
Comerica's profit surged to $52 million from $9 million. Including the payment of preferred dividend, the company lost 46 cents on a per-share basis, compared with 4 cents. Revenue fell 0.2% to $609 million.
Credit-loss provisions were $175 million, down from $203 million a year earlier and $256 million from the prior quarter. Net charge-offs were 1.68% of average loans, compared with 1.26% and 2.1%, respectively. Nonperforming assets increased to 3.06% from 2.2% a year earlier and were flat from the prior quarter.
Shares closed at $42.22 Tuesday and were inactive premarket. The stock has risen 95% in the past year.
