Comerica reports Q2 EPS $1.42, consensus $1.22

Reports Q2 CET1 capital ratio 11.94%. Reports Q2 net charge-offs .22%. “Today we reported second quarter net income of $199 million, representing a 16% increase over the prior quarter,” said Curtis Farmer, Comerica (CMA) chairman and CEO. “Improved customer sentiment contributed to broad-based loan growth, offsetting modest deposit pressures and keeping net interest income flat to the first quarter and in line with guidance. Noninterest income growth drove higher revenue, and when coupled with lower noninterest expenses, contributed to an increase in PPNR. Credit quality remained a strength with migration in line with expectations and net charge-offs at the low end of our normal 20 to 40 basis points range. With a conservative approach to capital management, we produced an estimated CET1 capital ratio of 11.94%, even after higher loan growth, a compelling dividend and an increase in share repurchases.”