July 17, 2018 / 10:56 AM / 10 months ago

Comerica's profit tops estimates on higher interest rates

(Reuters) - U.S. regional bank Comerica Inc (CMA.N) topped analysts’ estimates for quarterly profit on Tuesday, helped by a rise in net interest income and growth in loans.

Banks in the United States have been benefiting from rising interest rates, lower taxes and a strengthening economy, leading to more demand for loans.

Comerica’s loan portfolio rose about 1 percent to $49.23 billion in the quarter, with commercial loans accounting for about 63 percent of it.

This, along with higher interest rates, sent the bank’s net interest income up 18 percent to $590 million in the second quarter ended June 30.

Net income rose to $326 million in the quarter from $203 million a year earlier.

On a per share basis, Comerica earned $1.87 per share, beating analysts’ average estimate of $1.64, according to Thomson Reuters I/B/E/S.

The Dallas, Texas-based bank’s non-interest expenses fell 2 percent to $448 million.

Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur

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