Categories Earnings, Finance

Earnings Summary: Highlights of Comerica’s (CMA) Q3 2023 results

Financial services company Comerica Incorporated (NYSE: CMA) announced third-quarter 2023 financial results, reporting lower earnings and net interest income.

  • Third-quarter net income decreased to $251 million or $1.84 per share from $351 million or $2.60 per share in the same period of 2022
  • At $601 million, September-quarter net interest income was down 15% from the prior-year period
  • Average loans increased to $54.0 billion in Q3 from $51.1 billion in the comparable period of last year
  • Deposits decreased to $65.9 billion during the three-month period from $74 billion last year
  • Provision for credit losses was $14 million at the end of the quarter, which is down $14 million annually
  • The company declared dividends of $94 million on common stock and $6 million on preferred stock

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