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CORRECTED-UPDATE 1-Comerica profit beats expectations
July 17, 2012 / 11:16 AM / 5 years ago

CORRECTED-UPDATE 1-Comerica profit beats expectations

(Corrects paragraph 5 to say commercial loans rose about 20 pct year-over-year, not 5 pct)

* Q2 EPS $0.73 vs est $0.62

* Q2 total loans up 10 pct

* Q2 provision for loan losses fell 58 pct

July 17 (Reuters) - U.S. regional bank Comerica Inc posted a better-than-expected quarterly profit, helped by an increase in commercial loans.

Net income attributable to common shareholders rose to $142 million, or 73 cents per share, compared with $95 million, or 53 cents per share a year earlier.

Analysts on average expected Comerica to earn 62 cents per share, according to Thomson Reuters I/B/E/S.

Provision for loan losses fell about 58 percent to $19 million in the second quarter.

Total loans grew about 10 percent to $43.22 billion, boosted by about 20 percent rise in commercial loans.

Net interest income rose to $435 million, up from $391 million a year earlier.

Comerica said it expects net interest income for the full year to increase by 3 to 5 percent, and credit-related charge-offs and provision for credit losses to decline.

Comerica shares, which have gained about 43 percent since touching a low of $21.48 last September, closed at $30.81 on Monday on the New York Stock Exchange. (Reporting by Eileen Anupa Soreng in Bangalore; Editing by Supriya Kurane)

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