Comerica Incorporated (NYSE:CMA) unveiled its second quarter earnings results on Tuesday 21st July 2020 before market open.
The financial products and services provider, reported $ 0.80 income per share for the quarter, beat the consensus estimate of $ 0.21 income per share by $ 0.59 or 280.95 percent.
The quarterly earnings contracted 58.76 percent compared with the same quarter last year.
The firm had revenue of $ 718.00 million for the quarter, compared to the consensus estimate of $ 697.97 million. The revenues outshined analysts estimates by $ 20.03 million or 2.87 percent.
The financial report showed revenues shrunk 15.83 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Curt C. Farmer, Comerica Chairman, President and Chief Executive Officer, commented, Today we reported earnings of 80 cents per share. The highlight of the quarter was significant loan and deposit growth, which drove average balances to record highs and partly offset the impact of lower interest rates on net interest income. Overall, credit quality remained solid; however, with the unprecedented, rapid decline in the economy and high level of uncertainty,we prudently increased our credit reserves
