The company posted adjusted net income of $334 million, up 23.2% year over year. On a per share basis, adjusted earnings came to $2.08, beating Wall Street's earning expectations of $1.94. Including certain non-recurring items, earnings came in at $2.11.
Revenue totaled $852 million, up 7.4% year over year, but missed Wall Street's forecast of $853.1 million.
"First-quarter results were solid and this year is off to a good start," Ralph W. Babb, Jr., chairman and CEO said in a statement. "Earnings per share increased 12 percent over fourth quarter and 33 percent over first quarter last year. Our results demonstrate our ability to drive broad-based loan growth, while carefully managing loan and deposit pricing as well as maintaining favorable credit metrics and controlling expenses. We continued our share buyback program, repurchasing 5.1 million shares. Altogether, this drove our ROE above 18 percent for the quarter."
Deposits declined by $1.5 billion, which the bank said was typical for the first quarter.
Average total loans increased $1.3 billion over a year ago, reflecting increases in equity fund services, national dealer services and energy, which were partially offset by a decrease in Wealth Management.
For the full year, Comerica said it expects average loan growth of 2% to 4%, reflecting increases in most lines of business and a 3% to 4% growth in net interest income.