April 18 Regional bank holding company Comerica
Inc reported a more than three-fold jump in quarterly
profit as the company set aside less money to cover bad loans.
The Dallas-based bank said on Tuesday net income
attributable to common shareholders rose to $200 million in the
first quarter ended March 31, from $59 million a year earlier.
Earnings per share rose to $1.11 from 34 cents.
Provisions for bad loans fell 89.2 percent to $16 million,
while net interest income rose 5.1 percent to $470 million.
The first-quarter results included $24 million of tax
benefits from employee stock transactions and $7 million in
after-tax restructuring charges.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj