On July 18, financial services company Comerica
- The company inched forward, posting a 2.5% rise in earnings. The increase occurred mainly from an aggressive share-repurchase plan.
- Earnings fell 2% from rising costs related to banking center expansion. Additionally, expenses from relocating corporate headquarters offset gains in income earned from fees and other non-interest charges.
- Non-interest income increased because of a hike in service charges on deposit accounts and card and commercial lending fees.
- Higher-earning assets and loans helped net interest income grow nearly 2%.
- The company's profit growth was constrained by a 33% increase in provisions for loan losses.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Q2 2007 |
Q2 2006 |
Change |
|
|---|---|---|---|
|
Total Revenue |
$698 |
$676 |
3.3% |
|
Net Interest Income |
$509 |
$500 |
1.8% |
|
Net Profit |
$196 |
$200 |
(2%) |
|
EPS |
$1.25 |
$1.22 |
2.5% |
Get back to basics with a look at the income statement.
Ratio Checkup
|
Q2 2007 |
Q2 2006 |
Change* |
|
|---|---|---|---|
|
Net Interest Margin |
3.76% |
3.82% |
(0.06%) |
|
Efficiency Ratio |
55.97% |
55.41% |
0.56% |
|
Nonperforming Assets/Assets |
0.44% |
0.30% |
0.14% |
|
Return on Average Assets |
1.35% |
1.38% |
(0.03%) |
|
Return on Average Equity |
15.41% |
15.15% |
0.26% |
Find out more about bank performance ratios.
Balance Sheet Highlights
|
Assets |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Investments |
$5,836 |
$6,361 |
(8.3%) |
|
Loans |
$48,765 |
$46,399 |
5.1% |
|
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Deposits |
$43,207 |
$44,126 |
(2.1%) |
|
Total Liabilities |
$53,552 |
$51,891 |
3.2% |
Learn about bank assets and bank liabilities.
Related Foolishness:
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