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Comerica Beats Expectations

|Includes:Comerica Inc. (CMA)

Originally published at www.seclive.com

Comerica Incorporated (NYSE:CMA) announced its second quarter financial results for fiscal year 2014, publishing results that exceeded analyst expectations. The financial services company reported earnings of $149M and $0.80 per share, up from the year-ago $141M and $0.76 per share, beating expectations of $0.76 per share. Net interest income rose steadily from $414M to $416M while noninterest income fell by a similar figure from $222M to $220M. Comerica is forecasting net interest income and noninterest income to be slightly lower for the year while predicting growth between 4% and 6% in loans, which increased 4% this quarter. Chairman and CEO Ralph Babb remarked that the company's results reflect economic improvements, particularly in California and Texas, where loan growth was strongest.

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Stocks: CMA