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Jun 30, 2021
Comerica Q2 2021 Earnings Report
Net income of $328 million, or $2.32 per share, was reported, with revenue increasing 5 percent.
Key Takeaways
Comerica reported a strong second quarter with net income of $328 million, or $2.32 per share. Revenue increased by 5 percent, driven by robust growth in fee-generating activity. Credit quality remained strong, leading to a reserve release. The company repurchased 5.9 million shares and returned $542 million to shareholders through dividends and repurchases.
Strong deposit growth, robust fee income, and excellent credit quality were observed.
Revenue increased, and expense control was maintained while supporting revenue-generating activities.
Solid loan growth occurred in several business lines, particularly General Middle Market.
Share repurchase program reduced share count by over 4 percent.
Comerica
Comerica
Comerica Revenue by Segment
Comerica Revenue by Geographic Location
Revenue by Segment
Retail Bank Revenue
CapyFin.comWealth Management Revenue
CapyFin.comRevenue by Geographic Location
Michigan Deposits Revenue
CapyFin.comCalifornia Deposits Revenue
CapyFin.comTexas Deposits Revenue
CapyFin.comOther Markets Deposits Revenue
CapyFin.com Forward Guidance
Management expects continued economic growth in the second half of 2021.
Positive Outlook
- Solid loan growth in nearly all business lines (excluding PPP).
- Deposits to remain strong.
- Net interest income reflects benefit of higher loan volume (excluding PPP loans) and additional days.
- Strong credit quality continues.
- Growth in customer-related fees due to rebounding economic activity.
Challenges Ahead
- More than offset by forgiveness of the bulk of PPP loans.
- More than offset by the impact from lower PPP loans.
- More than offset by lower card fees (decrease in stimulus activity).
- Fiduciary (annual tax preparation fees in second quarter).
- Deferred compensation from elevated levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income