UPDATE: Comerica Posts Higher Q4 Earnings
Comerica Inc. (NYSE: CMA) reported better-than-expected earnings for the fourth quarter.
The Dallas, Texas-based bank posted quarterly net income of $149 million, or $0.80 per share, compared to $117 million, or $0.62 per share, in the year-ago period. The latest quarter results reflected net charges of $0.02 per share, from certain actions taken during the period.
Comerica reported revenue of $640 million in the quarter. However, analysts were expecting earnings of $0.78 per share on revenue of $634.2 million.
Net interest income rose $1 million from the prior quarter to $415 million.
Average total loans rose $202 million from the previous quarter to $47.4 billion in the fourth quarter, while average total deposits gained 5% from the prior quarter to $57.8 billion.
During the quarter, Comerica repurchased around 1.3 million shares of common stock under the share repurchase program.
For the year, Comerica's profit climbed around 10% to $586 million, while revenue slipped to $2.52 billion.
Ralph W. Babb Jr., chairman and chief executive officer said, "While we continue to manage headwinds, including the low-rate environment as well as rising technology and regulatory expenses, we remain focused on the long term. We believe our diverse geographic footprint is well situated, and along with our relationship banking strategy should contribute to our long-term growth. We continue to be well positioned for rising rates and to benefit as the economy continues to improve."
Comerica shares fell 1.09% to close at $40.96 yesterday.
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