: Comerica stock up 5% after earnings beat target on increased loan activity

Comerica Inc. CMA stock is rallying by 5% in premarket trades Friday after the bank beat its second-quarter profit forecast on average loan growth of 3.6% across multiple businesses including multi-family and industrial loans. Comerica said its net income for the three months ended June 30 rose to $273 million, or $2.01 a share, from $261 million, or $1.92 a share, in the year-ago quarter. Analysts were looking for earnings of $1.86 a share, according to estimates compiled by FactSet. Comerica’s net interest income in the second quarter totaled $621 million, above the estimate of $617 million. Looking ahead, Comerica expects a 4% drop in net interest income in the third quarter, with average loans about flat and average deposits down 1% to 2%.

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