Comerica Q1 Profit Rises - Quick Facts

(RTTNews) - Financial services provider Comerica Inc. (CMA) said that its first-quarter net income attributable to common shares rose to $137 million from last year's $132 million, with earnings per share improving to $0.73 from $0.70 in the first quarter 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net income grew to $139 million, from $134 million in the prior year.

Net income increased $5 million, or 4 percent, primarily the result of lower noninterest expenses and a decrease in the provision for credit losses, partially offset by decreases in net interest income and noncustomer-driven noninterest income.

But, net interest income declined to $410 million from $416 million in the previous year. Non-interest income dropped to $208 million from $213 million in the year ago quarter.