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# Comerica Reports Q3 2024 Net Income of $184 Million, Net Interest Income Tops Expectations as Deposits Grow
- URL: https://www.theglobalbanker.com/comerica-q3-2024-net-income-184-million-eps-beats-deposits-grow/
- Published: 2024-10-18T16:30:00.000Z
- Updated: 2026-10-02T13:34:54.000Z
- Description: Comerica posted Q3 2024 EPS of $1.33 as average deposits grew and NII of $534 million exceeded guidance despite a full-year NII decline forecast.
- Author: TGB Editorial Team
- Tags: Banking News, Americas, #archive

Comerica reported third-quarter 2024 net income of $184 million, or $1.33 per diluted share, on Friday, exceeding its own net interest income guidance, as average deposit balances grew during the period and credit quality remained stable across its commercial and retail portfolios. 

Net interest income reached $534 million for the quarter, coming in above the guidance range Comerica had provided at the start of the period. The bank said NII was stable, as higher deposits held at the Federal Reserve and lower debt balances offset higher interest-bearing deposit costs, lower short-term rates and lower loan volumes. 

#### DEPOSITS AND FEE INCOME

Average deposits grew quarter-on-quarter. The third-quarter increase came mainly from commercial lines such as Equity Fund Services, general Middle Market and Corporate Banking, partly offset by lower Retail Banking deposits. 

Non-interest income fell $14 million quarter-on-quarter, driven by lower non-customer revenue. Through the first nine months of 2024, Comerica recorded net income of $528 million, compared with $848 million over the same period in 2023.

#### FULL-YEAR GUIDANCE AND CREDIT QUALITY

Management guided for a full-year 2024 net interest income decline of between 13% and 14% relative to 2023\. 

Credit quality remained stable in the third quarter, with net charge-offs of 8 basis points and criticized loans declining, although the provision for credit losses rose to $14 million from zero in the second quarter.