Comerica Q1 Profit Climbs, Total Interest Income Down - Update

(RTTNews) - Financial services company Comerica Inc. (CMA) reported Monday higher profit in its first quarter with lower interest expenses, despite weak total interest income.

In the first quarter, net income attributable to shares climbed 26% to $165 million from prior year's $131 million. Earnings per share grew 28 percent to $1.25 from $0.98 last year.

Total interest income was $924 million, down 9 percent from $1.02 billion a year ago.

The Wall Street analysts on average expected the company to report earnings of $1.13 per share on revenues of $837.27 million. Analysts' estimates typically exclude special items.

Net interest income, however, grew 5 percent to $575 million from last year's $548 million. Total noninterest income was $254 million, up 85 from the prior year.

Total interest expense fell 26 percent from last year to $349 million. Provision for credit losses grew 39 percent year-over-year to $20 million.

In the pre-market activity on the NYSE, Comerica shares were gaining around 0.2 percent to trade at $53.06.

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