Financial services company Comerica Incorporated (NYSE: CMA) announced third-quarter 2023 financial results, reporting lower earnings and net interest income.
- Third-quarter net income decreased to $251 million or $1.84 per share from $351 million or $2.60 per share in the same period of 2022
- At $601 million, September-quarter net interest income was down 15% from the prior-year period
- Average loans increased to $54.0 billion in Q3 from $51.1 billion in the comparable period of last year
- Deposits decreased to $65.9 billion during the three-month period from $74 billion last year
- Provision for credit losses was $14 million at the end of the quarter, which is down $14 million annually
- The company declared dividends of $94 million on common stock and $6 million on preferred stock
