Comerica Q3 2022 Earnings Report
Key Takeaways
Comerica reported a record net income of $351 million, or $2.60 per share, for the third quarter of 2022. This represents a 35% increase in earnings per share compared to the second quarter of 2022. The results were driven by record revenue, higher interest rates, and strong loan growth.
Earnings per share grew to an all-time high of $2.60, increasing 35% relative to the second quarter, driven by record revenue.
Loan growth was broad-based with balances increasing $1.1 billion, or over 2%.
Deposit levels have trended downward as customers use funds in their businesses and we strategically manage our deposit costs.
Overall results reflect not only the benefit of rising interest rates, but also strategic investments to drive organic growth.
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Comerica Revenue by Segment
Forward Guidance
The press release contains forward-looking statements subject to risks and uncertainties, including credit risks, market risks, liquidity risks, technology risks, operational risks, compliance risks, strategic risks, and other general risks such as the COVID-19 pandemic and changes in economic conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income