DETROIT, July 17 /PRNewswire-FirstCall/ --
Comerica Incorporated (NYSE: CMA) today reported 2002 second quarter earnings
of $1.03 per diluted share, or $184 million. Included in the second quarter
2002 results was an incremental charge of $55 million ($36 million after-tax,
or $0.20 per diluted share) recorded in response to a U.S. bank regulatory
directive regarding Argentina. Excluding this charge, net income for the
second quarter 2002 was $1.23 per diluted share, or $220 million, a return on
average common shareholders' equity of 17.91 percent. Excluding Imperial
merger-related and restructuring charges in the second quarter of 2001, net
income was $216 million, or $1.18 per diluted share, a return on average
common equity of 18.94 percent.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
The charge for Argentine exposure was previously announced in May 2002 at
up to $63 million, based on Argentine transfer risk at that time. Due to
reductions in exposure to Argentina, the charge is less than the maximum
amount originally anticipated. Of the $55 million charge, $45 million was
recorded as provision for credit losses and $10 million was recorded as a
write-down of securities.
2nd Qtr '02 1st Qtr '02 2nd Qtr '01
Diluted EPS $1.03 $1.20 $1.13
Net Interest Income (in millions) $531 $540 $528
Net Interest Margin 4.56% 4.77% 4.65%
Noninterest Income (in millions) $222 $208 $212
Noninterest Expense (in millions) $348 $347 $382
Net Income (in millions) $184 $214 $208
Return on Equity 14.99% 17.84% 18.21%
Adjusted *
Diluted EPS $1.23 $1.20 $1.18
Net Income (in millions) $220 $214 $216
Return on Equity 17.91% 17.84% 18.94%
