Comerica Reports Q1 2024 Net Income of $138M

Comerica Reports First Quarter 2024 Financial Results

Comerica, a financial services company, has reported its first quarter 2024 financial results, with a net income of $138 million, or $0.98 per share. This marks a significant improvement from the fourth quarter of 2023 when the net income was $33 million, or $0.20 per share.

Key financial metrics also showed changes from the previous period, with average loans decreasing to $51.4 billion from $52.8 billion in the fourth quarter of 2023, and average deposits decreasing to $65.3 billion from $66.0 billion in the same period.

The return on average assets (ROA) for the first quarter of 2024 was 0.66%, a marked improvement from the 0.15% reported in the fourth quarter of 2023. Similarly, the return on average common shareholders' equity (ROE) increased to 9.33% in the first quarter of 2024 from 2.17% in the fourth quarter of 2023.

The company's net interest income decreased to $548 million from $584 million in the previous quarter, and the net interest margin decreased to 2.80% from 2.91% in the same period.

Comerica also highlighted the successful execution of its deposit and liquidity strategy, with a significant reduction in wholesale funding and prudent capital management. The company's conservative capital management and lower loan balances further enhanced its capital position, with an estimated common equity tier 1 capital ratio of 11.47% in the first quarter of 2024.

Additionally, the company provided insights into the impact of notable items on its financial results, including the net bsby cessation hedging losses, FDIC special assessment, modernization initiatives, and expense recalibration initiatives.

The press release also detailed changes in the credit quality, strategic lines of business, and provided information on an upcoming conference call and webcast to review the first quarter 2024 financial results. As a result of these announcements, the company's shares have moved 2.3% on the market, and are now trading at a price of $50.95. Check out the company's full 8-K submission here.

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