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Comerica Beats Expectations as Profit Jumps 5.7 Percent
The bank Comerica on Tuesday reported profit that rose by 5.7 percent in its second quarter. The bank, based in Dallas, said net income after dividends on preferred stock increased to $149 million, or 80 cents a share, from $141 million, or 76 cents a share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was a gain of 76 cents a share. The company said revenue rose 2.3 percent to $636 million, from $622 million in the same quarter a year earlier, and beat Wall Street forecasts. Analysts had expected $626.4 million, according to Zacks. Net interest income rose to $416 million, from $414 million. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank’s ability to profit from its lending. Noninterest income, which includes fees, insurance and gains on securities, fell to $220 million, from $222 million. Noninterest expenses fell to $404 million, from $416 million. For the full year, Comerica said it expected noninterest income to be “modestly lower” from the year before and noninterest expenses to be lower.
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