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Comerica posts 51.4% YOY increase in Q3 net income

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Comerica posts 51.4% YOY increase in Q3 net income

Dallas-based Comerica Inc. on Oct. 17 posted a 51.4% year-over-year rise in third-quarter profit.

Net income attributable to common shares climbed to $224.0 million, or $1.26 per share, from net income of $148.0 million, or 84 cents per share, a year ago.

The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was $1.23.

The company's net interest margin for the quarter was 3.29%, up from 3.03% in the previous quarter and 2.66% a year ago.

The company recorded a provision for loan losses of $31.0 million, up from $15.0 million in the previous quarter and $14.0 million a year earlier.

Net loan charge-offs totaled $25 million for the third quarter, compared to $18 million in the linked quarter and $16 million in the year-ago period.

Nonperforming assets totaled $458.0 million, compared to $519.0 million in the linked quarter and $660.0 million a year ago.