M&T Bank Surpasses Q2 Expectations, Comerica Shares Fall 11%

M&T Bank reported strong Q2 earnings, with Non-GAAP EPS of $3.79, surpassing estimates by $0.28, and revenue of $2.3 billion, beating expectations by $20 million. Conversely, Comerica experienced significant challenges. Despite reporting a Non-GAAP EPS of $1.53, which beat estimates by $0.34, and revenue of $824 million, surpassing expectations by $10.82 million, the bank's shares fell by 11% in premarket trading. Comerica's net income decreased by 25.4%, and revenues dropped by 10.8%. The bank also lowered its full-year 2024 guidance for net interest income growth, now expecting a 14% decline versus the prior view of an 11% decline. Additionally, Q3 net interest income is projected to fall by 2%-3% from Q2. Comerica CEO highlighted an inflection in loan balances and persistent pressure on deposits due to high rates.