DETROIT, Oct. 16 /PRNewswire-FirstCall/ --
Comerica Incorporated (NYSE: CMA) today reported 2002 third quarter earnings
of $24 million, or $0.14 per diluted share, compared to $209 million, or $1.14
per diluted share, for the third quarter of 2001. Included in the third
quarter 2002 results is the previously announced charge for provision for
credit losses and goodwill impairment of $293 million ($190 million after-tax,
or $1.08 per diluted share). These charges relate to the continued
uncertainty of an economic recovery that affects many of the corporation's
customers as well as the impact of depressed equity markets on the valuation
of investment management subsidiary Munder Capital Management.
3rd Qtr '02 2nd Qtr '02 3rd Qtr '01
Diluted EPS $0.14 $0.88 $1.14
Net Interest Income (in millions) $528 $531 $526
Net Interest Margin 4.46% 4.56% 4.59%
Noninterest Income (in millions) $216 $222 $224
Noninterest Expense (in millions) $433 $349 $373
Net Income (in millions) $24 $157 $209
Return on Equity 1.93% 12.83% 17.68%
