Earnings Summary: Comerica (CMA) Reports Decline in Q1 2024 Profit
Monday, 22 April 2024, 14:55
Comerica (CMA) Q1 2024 Earnings Report: Decline in Profit Revealed
Comerica Incorporated (NYSE: CMA) has reported a decline in several key financial metrics for the first quarter of 2024. The company revealed a decrease in net interest income to $548 million, lower adjusted earnings per share, and reduced non-interest income.
Financial Highlights:
- Net interest income declined to $548 million from $708 million last year
- Adjusted earnings per share dropped to $1.29 from $2.48 in the prior-year period
- Non-interest income decreased to $236 million from $282 million in the same period last year
- Net income was $138 million or $0.98 per share in the March quarter, vs. $324 million or $2.39 per share a year earlier
- First-quarter provision for credit losses decreased to $14 million from $30 million in the first quarter of 2023
The financial results point towards a challenging quarter for Comerica, with notable declines observed across various financial indicators.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.