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Regional bank Comerica's quarterly profit more than triples
April 18, 2017 / 10:52 AM / 8 months ago

Regional bank Comerica's quarterly profit more than triples

April 18 (Reuters) - 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 Kalluvila)

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