DETROIT, Oct. 16 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
reported 2001 third quarter net income of $1.14 per diluted share, or $209
million, compared with $1.17 per diluted share, or $215 million, for the third
quarter of 2000. Affecting the quarter was a $21 million ($0.08 per share)
gain on the sale of Comerica's ownership in an ATM network, a $14 million
($0.05 per share) impairment charge on deferred distribution costs and $18
million ($0.06 per share) in merger-related restructuring charges related to
the previously announced acquisition of Imperial Bancorp.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
Net income for the first nine months of 2001 was $2.77 per diluted share,
or $511 million, versus $3.37 per diluted share, or $618 million, for the
first nine months of 2000. Excluding restructuring charges, and the effect in
the first quarter of a one-time $0.19 per share charge related to long-term
incentive plans at an unconsolidated subsidiary of Munder Capital Management,
earnings per share for the first nine months of 2001 was $3.59.
Third Quarter Year to Date
2001 2000 Change 2001 2000 Change
EPS* $1.20 $1.17 3% $3.59 $3.37 7%
Net Interest Income
(in millions) $527 $504 5% $1,566 $1,485 5%
Net Interest Margin 4.59% 4.61% 4.60% 4.62%
Noninterest Income
(in millions)* $215 $244 (12%) $645 $741 (13%)
Noninterest Expense
(in millions)* $347 $375 (8%) $1,065 $1,108 (4%)
Net Income (in millions)* $219 $215 2% $659 $618 7%
ROE* 18.59% 20.87% 19.11% 20.78%
