Loading...
•
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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...