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As with other banks in recent weeks, Comerica's news reflects improving credit conditions.
"Our results reflect a focus on increasing customer volumes while maintaining expense discipline and improving credit performance".
It also took a $700 million accounting hit because improving credit made its own liabilities go up in value.
Analysts said the improving credit environment was a healthy sign, both for the bank and the broader economy.
(Excluding costs related to Morgan Stanley's improving credit, its compensation expenses amount to 49 percent of revenue).
With the improving credit environment, JPMorgan set aside less money to cover potential losses, increasing its profits.
Similar(24)
Sustained efforts to improve credit and collateral registries offer large pay-offs.
The earnings growth came from improved credit quality and stronger fee revenue, though commercial lending remained weak.
Customers will also be able to get improved credit terms at Home Depot stores for the next 13 months, he said.
"Capital ratios improved, credit quality was stable and expenses decreased as expense management becomes more and more a part of our culture," First Union's chairman, Ken Thompson, said.
In the last few months, other energy marketing and trading companies have been selling assets to reduce debt and improve credit ratings.
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