Comerica reports Q4 EPS $2.58, consensus $2.55

Reports CET1 ratio 10.02%. "Today we reported record annual earnings per share of $8.47," said Curtis Farmer, CEO "We generated 8% growth in average loans, excluding PPP loan activity, our highest rate of organic growth in well over a decade, as we expanded relationships and won new customers. Our revenue increased 19% to $3.5 billion, supporting strategic investments in our business while lowering our efficiency ratio to 56%. Credit quality remained excellent. In summary, a successful performance resulting in our ROE increasing to 18.6% and ROA to 1.3%. We ended the year strong with fourth quarter net income of $350 million or $2.58 per share. Average loans grew $1.3 billion, or over 2%, and we modestly increased reserves consistent with loan growth and the softening economic outlook. Average deposits decreased; however, we began to see positive trends resulting from pricing actions. Expenses reflected investments in our business that support our revenue-generating activities, and credit quality remained exceptional. Moving into 2023, we feel well-positioned to continue to deliver superior financial results with our strong business and geographic profile, loan momentum, reduced interest rate exposure and proven credit discipline. Delivering positive operating leverage remains a priority while we strategically invest to drive growth. Our customers and colleagues have proven their agility, and we remain committed to their success regardless of the economic environment."