Comerica (CMA) Tops Q3 EPS by 15c

Comerica (NYSE: CMA) reported Q3 EPS of $1.84, $0.15 better than the analyst estimate of $1.69. Revenue for the quarter came in at $896 million versus the consensus estimate of $878.31 million.

“Today we reported third quarter earnings per share of $1.84,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “We are very proud of the success this quarter in adding new deposits and winning back customer balances. Through strategic balance sheet management, loans moderated and customer deposits grew, allowing us to absorb $6 billion in wholesale funding maturities. Excess cash and significant liquidity capacity provide flexibility as we position ourselves to further prioritize high-return growth in the future. Credit quality remained very strong, and our increased coverage ratio reflected continued, expected normalization. We remain committed to running an efficient organization as we navigate expense pressures. Capital generation from earnings and loan optimization increased our CET1 ratio to 10.79, above our 10% target.”

For earnings history and earnings-related data on Comerica (CMA) click here.

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