Comerica Q3 Earnings Highlight Challenges in Financial Performance
Friday, 18 October 2024, 13:55
Comerica Q3 Earnings Analysis
Comerica Incorporated (NYSE: CMA) announced its third quarter 2024 earnings, revealing a decrease in adjusted profit and net interest income. The earnings per share dropped to $1.33 from $1.84 in the same quarter last year.
Financial Performance Overview
- Adjusted earnings fell to $1.37 per share, down from $1.76 last year.
- Net interest income decreased by 11% to $534 million.
- Loans contracted by $210 million sequentially, primarily due to declines in National Dealer Services and Corporate Banking.
Key Metrics of Comerica
- Average yield on loans decreased to 6.24%.
- Securities grew by $130 million to $15.9 billion despite ongoing pay-downs.
- Deposits increased by $841 million, reaching a total of $63.9 billion.
The decline in CMA’s profitability underscores the challenges prevailing in the financial landscape. Investors should monitor the upcoming results for signs of recovery.
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.