Comerica quarterly profit slumps on weaker interest income [Yahoo! Finance]
Comerica Incorporated (CMA)
Last comerica incorporated earnings: 4/21 06:34 am
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Source: Yahoo! Finance
A high interest rate environment has made it costly for banks to retain deposits from customers who are increasingly seeking better returns in higher-yielding alternatives. Comerica's net interest income (NII), which is the difference between interest income from loans and what banks pay out on deposits, fell nearly 23% to $548 million in the first quarter compared with the previous year. Larger rivals Bank of America and Wells Fargo also posted similar declines in NII in recent days. The net interest margin contracted to 2.80%, versus 3.57% a year ago. Dallas-based Comerica continues to expect 11% drop in its net interest income in 2024. Its quarterly profit fell to $138 million or 98 cents per share for the quarter, compared with $324 million or $2.39 per share in the year-ago period. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore)
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CMA
Earnings
- 4/18/24 - Miss
CMA
Sec Filings
- 4/26/24 - Form 8-K
- 4/26/24 - Form 10-Q
- 4/26/24 - Form 4
- CMA's page on the SEC website