Comerica's 3rd-quarter net income up 26 percent

Regional bank Comerica says 3rd-quarter net income rose 26 percent

Associated Press

DALLAS (AP) -- NEWS: Comerica Inc. said Wednesday that its net income rose 26 percent in its third quarter, thanks to higher fee income and lower costs.

DETAILS: The regional bank, which is based in Dallas, said income from fees rose as its total deposits increased 4 percent from a year ago to $2 billion.

NUMBERS: Net income rose to $147 million, or 78 cents per share, in the third quarter. That compares with $117 million, or 61 cents per share, in the same quarter a year ago.

Analysts, on average, expected earnings of 71 cents per share, according to FactSet.

Net interest income fell to $412 million from $427 million. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank's ability to profit from its lending.

Noninterest income, which includes fees, insurance and gains on securities, rose to $214 million from $197 million.

Noninterest expenses fell $417 million from $449 million.

FUTURE: For the fourth quarter, the company said that net interest income is expected to be lower than the third quarter, due to lower rates.

STOCK: Up $1.01, or 2.5 percent, to close at $41.58 Wednesday.

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