February 22, 2008 – 6:46 pm
2008-02-22:
According to its news release, Comerica Incorporated (CMA)’s net income for fiscal 2007 fell to $682 million from $782 million in 2006. Provisions for bad debt surged to $212 million from $37 million in 2006. For the fourth quarter the bank saw a 60% drop in net income.
The bank’s total non performing assets — or bad loans — was $423 million, nearly double the $232 million for fourth quarter 2006, while net loan charge-offs rose to $63 million from $22 million in the same period 2006.
The full year 2007 report is not available- at least not on the bank’s web page – so the only numbers we can post right now are the $63M likely to be written down from net loan charge-offs.
