Q2 net interest income of $603M slips from $606M in Q1, up from $590M in the year-ago quarter; net interest margin of 3.67% slides from 3.79% and Q1 and improves from 3.62% in Q2 2018.
Average loans of $51.0B rises 3% Q/Q from $49.7B and vs. $49.2B in Q2 2018; average deposits of $55.0B increased from $54.0B in Q1 and fell from $55.8B in Q2 2018.
Provision for credit losses of $44M compares with a credit of $13M in Q1 and a credit of $29M in Q2 2018.
Efficiency ratio of 49.65% vs. 50.81% in Q1 and 53.24% in Q2 2018.
Outlook for FY2019: Sees average loans up 3%-4%; average deposits down ~2%; net interest income up 2%; provision for credit losses at $25M-$35M per quarter for the rest of the year; noninterest income up 1%-2%; noninterest expenses down 1%-2%; tax rate ~23%; and targest ~10% CET1.
Previously: Comerica EPS misses by $0.06, misses on revenue (July 17)
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