Comerica (NYSE:CMA) reported Q2 EPS of $1.92, $0.15 better than the analyst estimate of $1.77.
"Our second quarter earnings per share increased 40% over the first quarter and revenue grew 18%,” said Curt C. Farmer, Comerica Chairman and Chief Executive Officer. “These results reflect the rising rate environment, including prudent actions taken to lock in higher rates. In addition, loan growth in the second quarter was one of the highest in our history, with increases in nearly every business line. Credit quality was excellent and fee income increased 10%. Higher revenue, combined with careful expense management as we continue to invest in our colleagues and platforms, resulted in a significant improvement in our efficiency ratio to 58%. Overall, it was a strong quarter with a return on equity of 17%. While there is a great deal of economic uncertainty, we feel positive about the path we are on."