Comerica Q3 2024 Earnings Report
Key Takeaways
Comerica reported a net income of $184 million, or $1.33 per share, for Q3 2024. The results were driven by growth in customer deposits, which offset muted loan demand and contributed to net interest income exceeding expectations. The company maintained expense discipline and strong credit quality, with net charge-offs of 8 basis points. The estimated CET1 capital ratio rose to 11.97%, exceeding the 10% target.
Earnings per share were reported at $1.33.
Customer deposits growth offset muted loan demand, contributing to net interest income exceeding expectations.
Expense discipline remained a priority, with continued execution on action plans.
Credit quality was strong, with net charge-offs of 8 basis points, well below historical averages.
Comerica
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Comerica Revenue by Segment
Forward Guidance
Comerica expects to resume share repurchases targeting $100 million in the fourth quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income