Comerica Q1 Earnings Meet Views

reported in-line earnings for the first quarter on Friday. The Dallas, Texas-based company posted a quarterly profit of $134 million, versus a year-ago profit of $139 million. Its per-share earnings came in flat at $0.73 per share, versus analysts' estimates of $0.73 per share. Its net interest income rose to $413 million, from $410 million in the year-ago period. Average loans increased 7 percent year-over-year, while average total deposits rose 8 percent. Net interest margin widened to 2.64 percent. Total assets were $69.3 billion at March 31, 2015, versus $69.2 billion at December 31, 2014. "Our first quarter results reflect our strong focus on relationships and ability to generate loans in a highly competitive environment as we maintain our pricing and credit discipline," said Ralph W. Babb, Jr., chairman and chief executive officer. The executive added, "First quarter net interest income was relatively stable, and credit quality continued to be strong. Our capital position remains solid. Share repurchases under our equity repurchase program, combined with dividends, returned $95 million to shareholders in the first quarter. We remain focused on the long term and carrying out our relationship banking strategy, which has served us well over many cycles, and we continue to believe we are positioned to benefit from a rising rate environment." Comerica shares closed at $46.20 yesterday.