Top 20 US retail lender Comerica has announced a profit of $521m for 2012, a rise of 33% in 2011.
Highlights for Texas headquartered Comerica in fiscal 2012 included:
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– Net interest income increased 4% to $1.6bn;
– Average total deposits increased by 13% to $49.5bn;
– Average total loans increased by 8% to $43.3bn, and
– Non-interest income increased by 3% to $818m.
Group highlights include a drop in the Comerica’s efficiency ratio by almost 8 percentage points, to 68.08%.
Less positive metrics included a fall in the net interest margin of 16 basis points to 3.03.
Ralph Babb Jr., chairman and CEO at Comerica, said: "In this slow growing national economy, we continue to benefit from our position in growth markets and industry expertise, which helped drive an increase in average total loans of $522 million, primarily reflecting an increase of $762 million, or 3%, in commercial loans."
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By GlobalDataComerica has been improving its results since it beat analyst forecasts in 2011 when it reported a first quarter net profit of $103m compared with a loss of $71m in the corresponding period 2010.
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