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Comerica profit declines, but beat expectations

Comerica Inc. said profit slid 12% in its latest quarter, as the Dallas-based lender continued to grapple with sharply lower oil prices and saw expenses rise.

Still, per-share earnings beat Wall Street expectations.

The regional bank reported a profit of $136 million, down from $154 million a year earlier. On a per-share basis, earnings dropped to 74 cents from 82 cents. Analysts anticipated 70 cents in profit per share, according to Thomson Reuters.

Comerica does a chunk of its business in Texas and lends to many companies in the energy sector, which has been hit with sharply lower oil prices. With about 8% of its portfolio tied to energy, the lender in July...


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