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Comerica's Q4'18 profit boosted by higher net interest income

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Comerica's Q4'18 profit boosted by higher net interest income

Comerica Inc. on Jan. 16 posted net income attributable to common shares of $308 million, or $1.88 per share, for the 2018 fourth quarter, compared to net income of $112 million, or 63 cents per share, in the same quarter of 2017.

The S&P Global Market Intelligence consensus GAAP estimate for the 2018 fourth quarter was $1.87 per share.

The Dallas-based company's 2017 fourth-quarter's results were impacted by a deferred tax adjustment of $107 million due to tax reform.

Net interest income jumped year over year to $614 million from $545 million. Meanwhile, noninterest income slid to $250 million from $285 million.

Total loans stood at $50.16 billion at the end of the quarter, compared to $49.01 billion at the end of the linked quarter and $49.17 billion a year earlier.

Total deposits were $55.56 billion, compared to $56.01 billion at the end of the previous quarter and $57.90 billion a year ago.

For full year 2018, the company recorded net income applicable to common shares of $1.23 billion, or $7.20 per share, compared to net income of $738 million, or $4.14 per share, in 2017.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2018 was $7.19.