Comerica sees average loans up 1%
Management expectations for 2017, compared to 2016, assuming a continuation of the current economic and low rate environment as well as contributions from the GEAR Up initiative of $30 million in revenue and $125 million in expense savings, are as follows: Growth in average loans of 1%. Excluding Mortgage Banker Finance and Energy, loan growth of 3%, reflecting increases in the remaining lines of business. Net interest income higher, reflecting the benefits from the rate increases in December 2016, March 2017, and June 2017, as well as loan growth and debt maturities. Provision for credit losses lower, with continued solid performance of the overall portfolio. Provision of 20-25 basis points and net charge-offs to remain low. Noninterest income higher, with the execution of GEAR Up opportunities of $30 million, modest growth in treasury management and card fees, as well as wealth management products such as fiduciary and brokerage services- up 4%-6%.