Comerica Incorporated reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and asset management compared to the previous fiscal period.
For the third quarter of 2024, total interest income decreased to $982 million from $1,103 million in Q3 2023. Net interest income also fell to $534 million, down from $601 million year-over-year. The decline in net interest income after provision for credit losses was $520 million, compared to $587 million in the same period last year. Total noninterest income decreased to $277 million from $295 million, while noninterest expenses rose to $562 million from $555 million. Consequently, net income for Q3 2024 was $184 million, a decrease from $251 million in Q3 2023, with basic earnings per share dropping to $1.34 from $1.85.
For the nine months ended September 30, 2024, total interest income was $2,972 million, down from $3,126 million in the same period of 2023. Net interest income for the nine months decreased to $1,615 million from $1,930 million, and net income fell to $528 million from $848 million. Basic earnings per share for the nine-month period were $3.83, down from $6.27 in 2023.
As of September 30, 2024, total assets were $79,663 million, a decrease from $85,834 million at the end of 2023. Total deposits also declined to $63,077 million from $66,762 million. However, total shareholders’ equity increased to $7,366 million from $6,406 million, reflecting a stronger capital position.
The company’s loan portfolio showed a decrease, with total loans at $50,861 million, down from $53,987 million in Q3 2023. The allowance for loan losses remained stable at $686 million, while net loan charge-offs increased to $36 million for the nine months ended September 30, 2024, compared to $2 million in the same period of 2023.
Strategically, Comerica is transitioning from BSBY to SOFR for its interest rate products, with a significant impact on its derivatives portfolio. The company has also been managing its liquidity effectively, with total available liquidity reported at $44,064 million as of September 30, 2024.
Overall, Comerica's financial performance reflects challenges in interest income and profitability, alongside strategic adjustments in its loan and deposit management.
About COMERICA INC /NEW/
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