Comerica Q1 2024 Earnings Report
Key Takeaways
Comerica reported a first quarter net income of $138 million, or $0.98 per share. The company successfully executed its deposit and liquidity strategy, significantly reduced wholesale funding, and maintained prudent capital management with strong credit quality.
Strategic rationalization efforts from 2023 and favorable pipeline trends position Comerica for growth.
Deposits outperformed normal seasonal patterns, adding new customers and expanding existing relationships while maintaining pricing discipline.
Liquidity strategy remained a highlight, normalizing the cash position, significantly reducing wholesale funding, and successfully executing a record $1.0 billion debt issuance.
Experienced ongoing, expected credit normalization, with net charge-offs of 10 basis points remaining historically low.
Comerica
Comerica
Forward Guidance
The press release contains forward-looking statements that are subject to risks and uncertainties.