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Comerica expects $30M hit to Q3 net interest income

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Comerica expects $30M hit to Q3 net interest income

Comerica Inc. expects a $30 million impact to its third quarter net interest income based on the forward rate curve, President and CEO Curtis Farmer told attendees at the Barclays Global Financial Services Conference.

Seventy percent of Comerica's loans, as of the second quarter, are tied to the 30-day London interbank offered rate and only 9% of loans in the portfolio are tied to a fixed rate, according to a presentation.

In the current rate environment, Farmer believes the company's return on equity should remain in the double-digit range in each of the next three to five years.