UPDATE 2-Comerica posts narrower-than-expected Q3 loss

martes 20 de octubre de 2009 16:40 CEST
 

* Reports third straight quarterly loss

* Provisions for bad loans up 88 pct

* Expects modest reduction in Q4 net charge-offs (Adds details about credit, updates share movement)

BANGALORE, Oct 20 (Reuters) - Comerica Inc (CMA.N: Cotización), a large U.S. regional bank posted a narrower-than-expected quarterly loss, helped by tighter cost controls.

Third-quarter net loss attributable to common shareholders was $15 million, or 10 cents a share, compared with net income of $28 million, or 19 cents a share, in the year ago period.

Analysts expected the company to post a loss of 53 cents a share, according to Thomson Reuters I/B/E/S.

"Loan demand continued to be weak and average core deposits continued to increase as businesses and consumers remained cautious in the economic environment," Chief Executive Ralph Babb said in a statement.

Total interest expenses fell 53 percent, while total non-interest expenses fell 22 percent.

Provision for bad loans rose 88 percent to $311 million in the quarter. The provisions increased in the Midwest, Western and Florida markets, the company said.   Continuación...