Comerica (CMA) Q2 Earnings Miss Estimates, Provisions Escalate

Comerica CMA has reported second-quarter 2020 earnings per share of 80 cents, significantly surpassing the Zacks Consensus Estimate of 21 cents. Earnings, however, came in lower than the prior-year quarter figure of $1.94.

Lower revenues, aided by reduction in net interest as well as non-interest income, were recorded. Moreover, rise in expenses and provisions were major drags. Nevertheless, rise in loans and deposits acted as tailwinds.

Net income came in at $113 million in the quarter, significantly down 62.1{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} year over year.

Furthermore, segment wise, on a year-over-year basis, net income decreased 26.5{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} at Commercial Bank and 64.1{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} at Wealth