Comerica reports Q3 EPS $1.35, consensus $1.28

Net interest income was relatively stable at $574M, while net interest margin decreased 7 basis points to 3.09%. Reports Q3 Estimated common equity Tier 1 capital ratio of 11.90%. “Today we reported third quarter net income of $176M, or $1.35 per share,” said Curtis C. Farmer, Comerica (CMA) Chairman and CEO. “We produced robust average deposit growth while maintaining a compelling deposit mix. Deposit pricing performed in line with expectations, and we saw a slight uptick in average loans which altogether resulted in relatively stable net interest income. Noninterest income declined, and although noninterest expenses increased, they outperformed our prior guidance. Capital remained a strength as we increased share repurchases to $150M in the quarter while producing an estimated CET1 capital ratio of 11.90%, well above our strategic target. “