(Reuters) - U.S. regional bank Comerica Inc (CMA.N) topped analysts’ estimates for quarterly profit on Tuesday, helped by a rise in net interest income and growth in loans.
Banks in the United States have been benefiting from rising interest rates, lower taxes and a strengthening economy, leading to more demand for loans.
Comerica’s loan portfolio rose about 1 percent to $49.23 billion in the quarter, with commercial loans accounting for about 63 percent of it.
This, along with higher interest rates, sent the bank’s net interest income up 18 percent to $590 million in the second quarter ended June 30.
Net income rose to $326 million in the quarter from $203 million a year earlier.
On a per share basis, Comerica earned $1.87 per share, beating analysts’ average estimate of $1.64, according to Thomson Reuters I/B/E/S.
The Dallas, Texas-based bank’s non-interest expenses fell 2 percent to $448 million.
Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur