Comerica Incorporated (NYSE: CMA) reported a decrease in net interest income and adjusted earnings for the first quarter of 2024.
- Comerica reported net interest income of $548 million for the first quarter of 2024, compared to $708 million last year
- Adjusted earnings per share declined to $1.29 in the first quarter from $2.48 in the prior-year period
- Q1 non-interest income decreased to $236 million from $282 million in the same period last year
- Net income was $138 million or $0.98 per share in the March quarter, vs. $324 million or $2.39 per share a year earlier
- At 0.66%, Q1 return on average assets was sharply lower than 1.54% recorded in the first quarter of 2023
- Average loans and average deposits decreased to $51.4 billion and $65.3 billion respectively during the three months
- First-quarter provision for credit losses decreased to $14 million from $30 million in the comparable period last year