Comerica Q3 Profit Rises - Quick Facts

(RTTNews) - Comerica Incorporated (CMA) reported that its third-quarter net income attributable to common shares increased to $145 million or $0.78 per share, from $116 million or $0.61 per share, last year.

On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts' estimates typically exclude special items.

Net interest income decreased to $412 million, from $427 million, a year ago. Noninterest income increased to $214 million, from $197 million, prior year. Analysts expected revenue of $616.42 million for the quarter.

The company said its expectations for full-year 2013 compared to full-year 2012 have not changed from the previously provided outlook, with the exception of customer-driven fees, which are expected to be modestly higher based on strong third quarter results.

The company expects net interest income to be lower for the fourth quarter 2013, compared to third quarter 2013, due to the continued impact from the low rate environment and a decrease in purchase accounting accretion. The provision for credit losses for the fourth quarter 2013 is expected to remain low, similar to the levels in previous 2013 quarters. Customer-driven noninterest income for the fourth quarter 2013 is expected to be relatively stable compared to third quarter 2013, while noncustomer-driven noninterest income is expected to be lower, the company said.