What's Going On With Comerica Shares Today

Comerica Inc CMA reported Q2 2023 revenues of $924 million, beating the consensus of $902.8 million.

Net interest income rose to $621 million from $561 million a year ago, with net interest margin rising to 2.93% from 2.70%.

EPS of $2.01 beat the consensus of $1.86.

Average loans increased to $55.4 billion from $50.0 billion on broad-based growth in most lines of business. 

Average deposits declined to $64.3 billion from $77.6 billion on lower noninterest-bearing deposits.

Provision for credit losses increased to $33 million from $10 million a year ago.

CET1 capital ratio stood at 10.31% vs. 9.72% a year ago.

Total liquidity stood at $42.9 billion, at the end of the quarter. 

“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, and noninterest expenses declined $16 million from the first quarter as we remained committed to running an efficient organization. Our capital position continued to be a source of strength as profitability outpaced loan growth, and our CET1 ratio increased to 10.31," said Curtis C. Farmer, Chairman and CEO.

Price Action: CMA shares are trading lower by 1.44% at $52.17 on the last check Friday.