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Comerica Q3 earnings $211 million

Christian Fernsby ▼ | October 20, 2020
Comerica has reported its third quarter 2020 financial results.
Comerica   The allowance for credit losses remained near 2 percent
Our third quarter earnings of $211 million reflected the resiliency of our relationship focused business model, said Curt C. Farmer, comerica chairman, president and chief executive officer.

Topics: Comerica

"The allowance for credit losses remained near 2 percent of total loans, resulting in a provision of $5 million, and reflected lower loan balances, along with our portfolio’s stable performance and an improving, yet uncertain, economic path.

"The impact from lower interest rates on net interest income waned, card fees remained robust and other fee income categories began to recover.

"Expenses were well controlled and included a $4 million increase in charitable contributions.

"Our book value per share grew to $53.78, the seventh consecutive quarterly increase, and we remain focused on continuing to enhance shareholder value."