Regional bank Comerica posted earnings of $1.84 a share—sharply lower than the $2.60 it recorded in the same quarter last year. But they beat Wall Street’s call for $1.69, according to FactSet.
Net interest income was $601 million, falling from $707 million a year earlier but soaring past expectations of $591.6 million. Net income was $251 million, also lower than the $351 million its posted in the same quarter in 2022. “Credit quality remained very strong, and our increased coverage ratio reflected continued, expected normalization,” said Chairman and CEO Curtis Farmer in the earnings release. “We remain committed to running an efficient organization as we navigate expense pressures.”
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