Comerica 1Q profit slips |
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Tue, 17 Apr 2007 13:27
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DETROIT (AP) - Financial services provider Comerica Inc. said Tuesday first-quarter profit fell 2 percent from the first quarter 2006, but earnings came in a penny per share ahead of Wall Street expectations.Net income for the first quarter was $190 million, or $1.19 per share, versus $194 million, or $1.18 per share, in the first quarter 2006.Analysts expected, on average, earnings of $1.18 per share, according to a Thomson Financial survey.The first quarter of 2006 included a negative provision for loan losses that reduced income from continuing operations by $27 million.Net interest income for the quarter, or income from interest-bearing services such as loans, was $502 million, up from $479 million for the first quarter 2006.Noninterest income, or income from fees and other noninterest bearing services, was $203 million, compared with $195 million in the year-ago period.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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