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Comerica reports lower Q3 net income YOY

Dallas-based Comerica Inc. reported third-quarter net income attributable to shares of $290 million, or $1.96 per share, down from $316 million, or $1.86 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.90.

Net interest income decreased to $586 million from $599 million. Net interest margin was 3.52% for the third quarter, compared to 3.67% in the second quarter and 3.60% a year ago.

Total loans at the end of the third quarter stood at $50.89 billion, compared with $50.96 billion at the end of the second quarter and $48.58 billion at the end of the third quarter of 2018.

Total deposits were $55.72 billion at Sept. 30, compared with $55.00 billion at June 30 and $56.09 billion at Sept. 30, 2018.

For the third quarter, the efficiency ratio was 51.54%, compared to 49.65% in the previous quarter and 52.93% a year ago.

For the fourth quarter, Comerica expects net interest income to decline approximately $35 million due to the net impact of lower interest rates, lower interest recoveries and loan fees from elevated third-quarter levels. In addition, the company expects provision for credit losses of $25 million to $45 million and net charge-offs to remain low.

For full year 2019, the company expects average loans to grow 4%, average deposits to decline 1% to 2%, net interest income to be stable to 1% lower, provision for credit losses to be 15 to 20 basis points of total loans, and growth in noninterest income of greater than 2%. The company also expects stable noninterest expenses excluding 2018 restructuring charges of $53 million.