Comerica Q2 Profit Climbs, Beats Estimates; Stock Up Over 5% In Pre-market

(RTTNews) - Comerica Inc. (CMA), a financial services company, on Friday reported a rise in earnings for the second-quarter, amidst an increase in net interest income and non-interest income. In addition, the company's earnings beat the Street view.

Curtis C. Farmer, CEO of Comerica, said: "Customer deposits continued to normalize following the March banking industry disruption and stabilized in the second half of the quarter. Credit quality was excellent with another quarter of net recoveries..." For the three-month period to June, the company posted a net income of $273 million or $2.01 per share, compared with $261 million or $1.92 per share of previous year quarter.

On average, 21 analysts polled by Thomson Reuters were expecting the firm to report a profit of $1.86 per share, for the quarter. Analysts' estimates typically exclude special items.

Pre-tax income improved to $356 million from previous year's $337 million.

Net interest income stood at $621 million, higher than last year's $561 million.

Noninterest income increased to $303 million from $268 million of previous year.

Noninterest expenses were at $535 million, compared with $482 million of 2022.

CMA was trading up by 5.42 percent at $55.80 per share in the pre-market trading on the New York Stock Exchange.