By Denny Jacob
Comerica posted a jump in profit despite a muted loan demand environment.
The financial-services group reported net income of $172 million, or $1.25 a share, for the first quarter ended March 31, compared with $138 million, or 98 cents a share, in the year-earlier period. Analysts polled by FactSet expected $1.16 a share.
Net interest income rose to $575 million compared with $548 million in the prior-year period.
"Stronger than expected noninterest-bearing balances and proactive deposit pricing strategies offset the impact of muted loan demand, contributing to net interest income outperforming our outlook for the quarter," said Chief Executive Curtis Farmer.
The provision for credit losses was $20 million, up from $14 million a year earlier.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 21, 2025 06:45 ET (10:45 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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