Comerica’s profit drops in Q3 due to decreased net interest income

  • Comerica’s earnings fell in the third quarter
  • Net interest income decreased
  • Profit of $251 million, down from $351 million in the same quarter last year
  • Net interest income for the quarter was $601 million, down from $707 million last year
  • Provision for credit losses decreased to $14 million from $33 million last quarter
  • Average loans rose to $53.99 billion from $51.11 billion a year earlier
  • Average deposits fell to $65.88 billion from $73.98 billion

Factuality Level: 8
Justification: The article provides specific financial data and figures, which can be easily verified. The information is presented in a straightforward manner without any obvious bias or opinion. However, it is important to note that the article does not provide any context or analysis of the financial results, which may limit the reader’s understanding of the overall performance of Comerica.

Noise Level: 7
Justification: The article provides financial information about Comerica’s earnings in the third quarter, including a decrease in net interest income and a decline in loan balances. However, it lacks analysis or insights into the long-term trends or consequences of these financial results. It also does not provide any evidence or data to support its claims. Overall, the article contains relevant information but lacks depth and actionable insights.

Financial Relevance: Yes
Financial Markets Impacted: Comerica’s earnings and net interest income decrease may impact the company’s stock price and investor sentiment.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the financial performance of Comerica, a financial-services company. While there is no mention of an extreme event, the decline in earnings and net interest income may have implications for the company’s financial markets and investors.

Public Companies: Comerica (N/A)
Private Companies:
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Comerica reported a decline in earnings for the third quarter, primarily due to a decrease in net interest income. The company’s profit was $251 million, down from $351 million in the same quarter last year. Net interest income for the quarter was $601 million, compared to $707 million in the previous year. This decrease in interest income was attributed to a decline in loan balances and an increase in interest-bearing deposits. The provision for credit losses also decreased to $14 million from $33 million in the previous quarter. Despite these challenges, average loans increased to $53.99 billion from $51.11 billion a year earlier, while average deposits fell to $65.88 billion from $73.98 billion.