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Comerica Q1 net income down

Financial holding company Comerica has reported net income of $109 million for the first quarter of 2008, compared to $190 million for the first quarter of 2007.

The company reported diluted earnings per share of $0.73 for Q1 2008, compared to $1.19 for Q1 2007. The company reported income from continuing operations of $110 million for the first quarter of 2008, compared to $189 million for the prior-year period.

Non-interest income was $237 million for the first quarter of 2008, compared to $203 million for the first quarter of 2007. Non-interest expenses were $403 million for the first quarter of 2008, compared to $407 million for the same period in 2007.

Ralph Babb, chairman and CEO of Comerica, said: Despite the challenged economic environment, we remained focused on executing our strategy in the first quarter, as evidenced by good loan and deposit growth, particularly in our high-growth markets.

While the continued deterioration of the California residential real estate market and its effects on our residential real estate development portfolio affected our overall performance, the remainder of our loan portfolio continued to exhibit stable credit metrics.