Print Page  |  Close Window

News Release

Comerica Reports Second Quarter 2008 Earnings

Net Loan Charge-offs Stable with First Quarter

Capital Ratios Stable and Within Targeted Ranges

Tax-Related Lease Charges of 21 Cents per Share

DALLAS, July 17 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported second quarter 2008 income from continuing operations of $56 million, or $0.37 per diluted share, compared to $110 million, or $0.73 per diluted share, for the first quarter 2008 and $196 million, or $1.25 per diluted share, for the second quarter 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )

Second quarter 2008 included a $177 million provision for credit losses, compared to $163 million for the first quarter 2008 and $34 million for the second quarter 2007. Also during the second quarter of 2008, Comerica recorded combined pre-tax charges of $50 million ($32 million after-tax, or $0.21 per share) related to an updated assessment of the timing of tax deductions on certain structured lease transactions. The charges were recorded in net interest income ($0.13 per share) and the provision for income taxes ($0.08 per share).

First quarter 2008 included pre-tax income of $34 million ($22 million after-tax, or $0.14 per share) related to ownership in Visa.


      (dollar amounts in millions,
      except per share data)            2nd Qtr '08  1st Qtr '08  2nd Qtr '07

      Net interest income                  $442 *       $476         $509
      Provision for loan losses             170          159           36
      Noninterest income                    242          237          225
      Noninterest expenses                  423          403          411

      Income from continuing operations,
       net of tax                            56          110          196
      Net income                             56          109          196

      Diluted EPS from continuing
       operations                          0.37         0.73         1.25
      Diluted EPS from discontinued
       operations**                           -            -            -
      Diluted EPS                          0.37         0.73         1.25

      Return on average common
       shareholders'
      equity from continuing operations    4.26 %       8.51 %      15.44 %
      Return on average common
       shareholders' equity                4.25         8.42        15.44
      Tier 1 capital ratio                 7.36         7.40         7.87

      Net interest margin                  2.91 *       3.22         3.76

* Second quarter 2008 net interest income declined $30 million and the net interest margin declined by 19 basis points due to a non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10%, consistent with the full-year outlook.

** In the fourth quarter 2006, Comerica sold its stake in Munder Capital Management (Munder) and reports Munder as a discontinued operation in all periods presented.

"In an environment that continued to be challenging and volatile, our core operating earnings were stable," said Ralph W. Babb Jr., chairman and chief executive officer. "As expected, our net loan charge-offs were similar to the first quarter, as credit issues remained focused on our California residential real estate development portfolio. Excluding the effect of the tax-related charge to income on structured lease transactions, our net interest margin was consistent with our full-year outlook. Expenses remained well controlled with reduced personnel.

"Our capital ratios were stable and within our targeted ranges. We are optimizing our capital usage, with particular focus on rationalizing our loan portfolio with the appropriate credit standards, loan pricing and return hurdles."

Second Quarter 2008 Compared to First Quarter 2008

-- On an annualized basis, average loans increased four percent, with growth of eight percent in the Texas market, five percent in the Midwest market and one percent in the Western market. Period-end loans declined $601 million from March 31, 2008 to June 30, 2008.

-- On an annualized basis, excluding Financial Services Division (FSD) deposits and institutional certificates of deposit, noninterest-bearing deposits increased four percent, while total deposits decreased seven percent, due to competitive and economic pressures, and attractive alternatives to bank deposits, such as in Comerica Securities, where there has been asset growth.

-- The net interest margin was 2.91 percent in the second quarter 2008, a decrease of 31 basis points from 3.22 percent in the first quarter 2008, largely due to a charge to income on certain structured lease transactions (-19 basis points) discussed below and the reduced contribution of noninterest-bearing funds in a lower rate environment. Excluding the lease income charge, the net interest margin was 3.10 percent, consistent with the full-year outlook.

-- Net credit-related charge-offs were $113 million, or 86 basis points as a percent of average total loans, for the second quarter 2008, compared to $110 million, or 85 basis points as a percent of average total loans, for the first quarter 2008. Of the second quarter credit-related charge-offs, $73 million were in the Commercial Real Estate business line, predominantly with residential real estate developers in the Western market. The remaining net credit-related charge-offs of $40 million were 35 basis points of average non-Commercial Real Estate loans. The provision for loan losses was $170 million for the second quarter 2008, compared to $159 million for the first quarter 2008, bringing the period-end allowance to total loans ratio to 1.28 percent from 1.16 percent at March 31, 2008.

-- Excluding net securities gains, noninterest income increased $13 million, reflecting increases in commercial lending fees, letter of credit fees, foreign exchange income, card fees and deferred compensation asset returns.

-- Excluding the first quarter 2008 reversal of the $13 million Visa loss sharing expense, noninterest expenses increased $7 million, reflecting increases in outside processing fees, the provision for credit losses on lending-related commitments and salaries expense, partially offset by a decrease in customer services expense.

-- The estimated Tier 1 common and Tier 1 capital ratios were 6.72 and 7.36 percent, respectively, both within the targeted ranges.


    Net Interest Income and Net Interest Margin

      (dollar amounts in millions)       2nd Qtr '08  1st Qtr '08  2nd Qtr '07

      Net interest income                   $442  *      $476         $509

      Net interest margin                   2.91 %*      3.22 %       3.76 %

      Selected average balances:
        Total earning assets              $61,088      $59,518     $54,304
        Total investment securities         8,296        7,222       4,085
        Total loans                        52,367       51,852      49,793

        Total interest-bearing deposits    33,116       33,440      30,049
        Total noninterest-bearing deposits 10,648       10,622      11,633
        Total noninterest-bearing
         deposits, excluding FSD            8,825        8,728       8,356

* Second quarter 2008 net interest income declined $30 million and the net interest margin declined by 19 basis points due to a non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10%, consistent with the full-year outlook.

-- The $34 million decrease in net interest income in the second quarter 2008, when compared to first quarter 2008, resulted primarily from a $30 million non-cash charge to lease income and a decline in the net interest margin, partially offset by growth in securities and loans. The lease income charge reflected the reversal of previously recognized income. The reversal resulted from a projected change in the timing of income tax cash flows on certain structured lease transactions, which was caused by a reassessment of the likely resolution with the taxing authorities. The charge will fully reverse over the remaining lease terms (up to 20 years). Further information about the charge can be found in Tax-related Items below.

-- The net interest margin of 2.91 percent declined 31 basis points, reflecting the charge to structured lease transactions discussed above (-19 basis points) and a decreased contribution of noninterest-bearing funds in a lower rate environment.

Noninterest Income

Noninterest income was $242 million for the second quarter 2008, compared to $237 million for the first quarter 2008 and $225 million for the second quarter 2007. Noninterest income in the second quarter 2008, compared to the first quarter 2008, reflected positive trends in commercial lending fees ($4 million), letter of credit fees ($3 million), foreign exchange income ($2 million) and card fees ($2 million), and higher deferred compensation asset returns ($9 million). Additionally, second quarter 2008 included a $14 million gain on sale of MasterCard shares and first quarter 2008 included a $21 million gain on sale of Visa shares (both included in "net securities gains").

Noninterest Expenses

Noninterest expenses were $423 million for the second quarter 2008, compared to $403 million for the first quarter 2008 and $411 million for the second quarter 2007. The $20 million increase in noninterest expenses in the second quarter 2008, compared to the first quarter 2008, reflected the first quarter 2008 reversal of the $13 million Visa loss sharing expense (included in "litigation and operational losses") and increases in outside processing fees ($5 million), the provision for credit losses on lending-related commitments ($3 million) and salaries expense ($2 million), partially offset by a decrease in customer services expense ($3 million). The increase in salaries expense included an increase in deferred compensation plan costs ($9 million), offset by a decrease of $9 million in share-based compensation, reflecting the annual award of restricted stock granted in the first quarter which for retirement eligible employees must be expensed in the period granted. The increase in deferred compensation plan costs was offset by an increase in deferred compensation plan asset returns in noninterest income. Certain categories of noninterest expenses are highlighted in the table below.



                                         2nd Qtr '08  1st Qtr '08  2nd Qtr '07
      Salaries
        Regular salaries                    $151         $151         $156
        Severance                              1            2            1
        Incentives                            35           32           40
        Deferred compensation plan costs       4           (5)           6
        Share-based compensation              11           20           12
          Total salaries                     202          200          215
      Employee benefits                       48           47           50
      Customer services                        3            6           11
      Litigation and operational losses        3           (8)          (9)
      Provision for credit losses on
       lending-related commitments             7            4           (2)


    Tax-related Items

During the second quarter 2008, several tax-related court decisions involving other financial institutions were announced on certain structured lease transactions. In light of these recent decisions, Comerica reassessed its position and recorded an after-tax charge of $13 million to increase previously established reserves for interest on tax liabilities in the second quarter 2008, included in the "provision for income taxes." This reassessment of the size and timing of tax deductions also resulted in the lease income charge noted in Net Interest Income above.

The provision for income taxes in the first quarter 2008 reflected a benefit of $5 million resulting from an after-tax adjustment to deferred tax assets.

Credit Quality

"We have been proactive in managing problem loans, which remain largely focused in our California residential real estate development portfolio," said Babb. "Virtually all of the problem loans in our California residential real estate development portfolio were independently appraised within the last six months with the appropriate charge-offs taken and additional reserves established. The balance of our loan portfolio continued to experience solid credit metrics."

-- The allowance to loan ratio increased to 1.28 percent at June 30, 2008, from 1.16 percent at March 31, 2008.

-- The provision for loan losses and loan quality reflected continuing challenges primarily in residential real estate development located in the Western market (primarily California).

-- Net credit-related charge-offs in the Commercial Real Estate business line in the second quarter 2008 were $73 million, of which $56 million were from residential real estate developers in the Western market. Comparable numbers for the first quarter 2008 were $75 million in total, of which $58 million were from residential real estate developers in the Western market. Excluding the Western market, other Commercial Real Estate net credit-related charge-offs in the second quarter 2008 totaled $17 million, compared to $17 million in the first quarter 2008.

-- Net loan charge-offs, excluding the Commercial Real Estate business line, were $40 million in the second quarter 2008, or 35 basis points of average non-Commercial Real Estate loans, compared to $35 million, or 31 basis points, in the first quarter 2008.


      (dollar amounts in millions)       2nd Qtr '08  1st Qtr '08  2nd Qtr '07

      Net loan charge-offs                  $112         $110          $30
      Net lending-related commitment
       charge-offs                             1            -            -
          Total net credit-related
           charge-offs                       113          110           30
      Net loan charge-offs/Average
       total loans                          0.86 %       0.85 %       0.24 %
      Net credit-related charge-offs/
       Average total loans                  0.86         0.85         0.24

      Provision for loan losses             $170         $159          $36
      Provision for credit losses on
       lending-related commitments             7            4           (2)
          Total provision for credit
           losses                            177          163           34

      Nonperforming assets (NPAs)            747          560          259
      NPAs/Total loans and foreclosed
       property                             1.44 %       1.07 %       0.53 %

      Allowance for loan losses             $663         $605         $507
      Allowance for credit losses on
       lending-related commitments*           31           25           19
          Total allowance for credit
           losses                            694          630          526
      Allowance for loan losses/Total
       loans                                1.28 %       1.16 %       1.04 %
      Allowance for loan losses/
       Nonperforming loans                    91          112          207

*Included in "Accrued expenses and other liabilities" on the consolidated balance sheets.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $66.0 billion and $5.1 billion, respectively, at June 30, 2008, compared to $67.0 billion and $5.3 billion, respectively, at March 31, 2008. There were approximately 150 million shares outstanding at June 30, 2008. No shares were repurchased in the open market in the first six months of 2008.

Comerica's second quarter 2008 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 6.72 percent, 7.36 percent and 11.11 percent, respectively.

Full-Year 2008 Outlook Compared to Full-Year 2007 from Continuing Operations

-- Low single-digit full-year loan growth, with loans declining over the remainder of 2008.

-- Securities averaging about $8 billion for the remainder of the year.

-- Average full-year net interest margin about 3.10 percent (3.15 percent excluding the lease income charge), based on no federal funds rate changes in the third and fourth quarters of 2008, with a net interest margin of about 3.10 percent for the remainder of 2008.

-- Full-year net credit-related charge-offs of $425 million to $450 million. The provision for credit losses is expected to exceed net charge-offs.

    -- Low single-digit growth in noninterest income.

    -- Low single-digit decline in noninterest expenses.

-- Effective tax rate of about 30 percent for the full year, with a rate of 28 percent for the remainder of 2008.

-- Maintain a Tier 1 capital ratio within a target range of 7.25 to 8.25 percent.

Business Segments

Comerica's continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at June 30, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses second quarter 2008 results compared to first quarter 2008.

      The following table presents net income (loss) by business segment.

      (dollar amounts in millions)   2nd Qtr '08   1st Qtr '08   2nd Qtr '07
      Business Bank                   $57    73 %   $62    51 %   $140   71 %
      Retail Bank                       7     9      40    33      42    21
      Wealth & Institutional
       Management                      14    18      20    16      16     8
                                       78   100 %   122   100 %   198   100 %
      Finance                          (5)           (3)          (11)
      Other*                          (17)          (10)            9
          Total                       $56          $109          $196

* Includes discontinued operations and items not directly associated with the three major business segments or the Finance Division.


    Business Bank

      (dollar amounts in millions)   2nd Qtr '08   1st Qtr '08   2nd Qtr '07

      Net interest income (FTE)         $296          $329          $344
      Provision for loan losses          123           147            32
      Noninterest income                  92            74            68
      Noninterest expenses               185           176           176
      Net income                          57            62           140

      Net credit-related charge-offs      96            99            24

      Selected average balances:
      Assets                          42,335        42,129        40,847
      Loans                           41,510        41,219        39,824
        FSD loans                        469           802         1,580
      Deposits                        15,384        15,878        16,432
        FSD deposits                   2,817         2,988         4,505

      Net interest margin               2.85  %       3.20  %       3.45 %

-- Average loans increased $291 million, or three percent on an annualized basis, driven by growth in Middle Market, Commercial Real Estate, Global Corporate and International, partially offset by a decline in the Financial Services Division.

-- Average deposits, excluding the Financial Services Division, decreased $323 million due to a decline in Technology & Life Sciences. Financial Services Division deposits decreased $171 million.

-- The net interest margin of 2.85 percent decreased 35 basis points due to a $30 million (-29 basis point) non-cash charge to lease income, a decline in deposit balances and the lower value of noninterest-bearing deposits.

-- The provision for loan losses decreased $24 million, primarily due a slower rate of change in Commercial Real Estate in the Midwest and a decrease in period-end loan balances.

-- Noninterest income increased $18 million, primarily due to a $14 million gain on sale of MasterCard shares related to the commercial card business and an increase in commercial lending fees.

-- Noninterest expenses increased $9 million, primarily due to an increase in allocated net corporate overhead expenses.


    Retail Bank

      (dollar amounts in millions)   2nd Qtr '08   1st Qtr '08   2nd Qtr '07

      Net interest income (FTE)         $146          $148          $171
      Provision for loan losses           29            17             4
      Noninterest income                  54            74            57
      Noninterest expenses               161           143           160
      Net income                           7            40            42

      Net credit-related charge-offs      14            10             6

      Selected average balances:
      Assets                           7,100         7,144         6,828
      Loans                            6,348         6,276         6,100
      Deposits                        17,043        17,162        17,191

      Net interest margin               3.44  %       3.47  %       4.00 %


-- Average loans increased $72 million, or five percent on an annualized basis, primarily due to the transfer of student loans from loans held-for-sale (other short-term investments) to consumer loans.

-- Average deposits decreased $119 million, as a decrease in time deposits was partially offset by increases in all other deposit categories, particularly noninterest-bearing transaction accounts.

-- The net interest margin of 3.44 percent declined three basis points, primarily due to the lower value of noninterest-bearing deposits in a declining rate environment and a decline in loan spreads.

-- The provision for loan losses increased $12 million due to an increase in credit risk in both the small business and home equity loan portfolios.

-- Noninterest income decreased $20 million, primarily due to a $21 million gain on the sale of Visa shares recorded in the first quarter.

-- Noninterest expenses increased $18 million, primarily due to the first quarter reversal of a $13 million Visa loss sharing expense and an increase in allocated net corporate overhead expenses.

-- Two new banking centers were opened and six were consolidated (four in the Midwest market) in the second quarter 2008.


    Wealth and Institutional Management

      (dollar amounts in millions)     2nd Qtr '08   1st Qtr '08   2nd Qtr '07

      Net interest income (FTE)            $37           $36           $36
      Provision for loan losses              5             -             2
      Noninterest income                    74            75            70
      Noninterest expenses                  83            79            79
      Net income                            14            20            16

      Net credit-related charge-offs         3             1             -

      Selected average balances:
      Assets                             4,646         4,468         4,009
      Loans                              4,502         4,315         3,860
      Deposits                           2,493         2,637         2,295

      Net interest margin                 3.28  %       3.33  %       3.74 %

-- Average loans increased $187 million, or 17 percent on an annualized basis.

-- Average deposits decreased $144 million, primarily due to a decline in money market investment account balances.

-- The net interest margin of 3.28 percent declined five basis points, primarily due to a decline in loan spreads and deposit balances, partially offset by an increase in deposit spreads.

-- The provision for loan losses increased $5 million due to an increase in credit risk in the Private Banking loan portfolio.

-- Noninterest expenses increased $4 million, primarily due to an increase in salaries and benefit expenses and allocated net corporate overhead expenses.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. The financial results below are based on methodologies in effect at June 30, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses second quarter 2008 results compared to first quarter 2008.


    The following table presents net income (loss) by market segment.

      (dollar amounts in millions)    2nd Qtr '08   1st Qtr '08   2nd Qtr '07

      Midwest                          $52    68 %   $87    71 %   $76    39 %
      Western                          (20)  (26)    (10)   (8)     64    33
      Texas                             17    21      20    16      21    10
      Florida                           (1)   (2)     (4)   (3)      2     1
      Other Markets                     23    29      19    15      20    10
      International                      7    10      10     9      15     7
                                        78   100 %   122   100 %   198   100 %
      Finance & Other Businesses*      (22)          (13)           (2)
          Total                        $56          $109          $196

* Includes discontinued operations and items not directly associated with the geographic markets.


    Midwest

      (dollar amounts in millions)    2nd Qtr '08   1st Qtr '08   2nd Qtr '07

       Net interest income (FTE)         $172          $205          $227
      Provision for loan losses            24            20            25
      Noninterest income                  136           136           117
      Noninterest expenses                205           186           203
      Net income                           52            87            76

      Net credit-related charge-offs       42            28            29

      Selected average balances:
      Assets                           19,891        19,656        19,213
      Loans                            19,255        19,030        18,656
      Deposits                         16,056        16,127        15,651

      Net interest margin                3.58  %       4.30  %       4.85 %

-- Average loans increased $225 million, or five percent on an annualized basis, driven by growth in Global Corporate, Middle Market and Private Banking.

-- Average deposits decreased $71 million, primarily due to a decrease in time deposits in Personal Banking.

-- The net interest margin of 3.58 percent declined 72 basis points, primarily due to a $30 million (-62 basis point) non-cash charge to lease income and the lower value of noninterest-bearing deposits.

-- The provision for loan losses increased $4 million due to an increase in Middle Market and Small Business, offset by a decline in Commercial Real Estate.

-- Noninterest expenses increased $19 million, primarily due to the first quarter reversal of a $10 million Visa loss sharing expense and an increase in allocated net corporate overhead expenses.

    -- Four banking centers were consolidated in the second quarter 2008.


    Western Market

      (dollar amounts in millions)    2nd Qtr  '08   1st Qtr '08   2nd Qtr '07

      Net interest income (FTE)          $171           $172          $188
      Provision for loan losses           113            114             5
      Noninterest income                   34             33            32
      Noninterest expenses                115            108           113
      Net income (loss)                   (20)           (10)           64

      Net credit-related charge-offs       59             66             4

      Selected average balances:
      Assets                           17,241         17,263        17,257
      Loans                            16,918         16,882        16,715
        FSD loans                         469            802         1,580
      Deposits                         12,345         12,848        13,595
        FSD deposits                    2,611          2,802         4,310

      Net interest margin                4.04  %        4.07  %       4.53 %

-- Average loans increased $36 million, or one percent on an annualized basis, as growth in Middle Market, Technology and Life Sciences, Private Banking and Global Corporate was substantially offset by a decline in the Financial Services Division.

-- Average deposits, excluding the Financial Services Division, decreased $312 million, primarily due to decreases in Technology & Life Sciences and Private Banking. Financial Services Division deposits decreased $191 million.

-- The net interest margin of 4.04 percent decreased 3 basis points, primarily due to lower deposit balances and the lower value of noninterest-bearing deposits.

-- Noninterest expenses increased $7 million, primarily due to an increase in allocated net corporate overhead expenses and an increase in legal fees.


    Texas Market

      (dollar amounts in millions)     2nd Qtr '08   1st Qtr '08   2nd Qtr '07

      Net interest income (FTE)            $74           $74           $71
      Provision for loan losses              6             8             3
      Noninterest income                    22            24            20
      Noninterest expenses                  63            58            56
      Net income                            17            20            21

      Total net credit-related
       charge-offs                           3             5             1

      Selected average balances:
      Assets                             8,063         7,932         6,844
      Loans                              7,795         7,642         6,570
      Deposits                           4,061         4,005         3,836

      Net interest margin                 3.78  %       3.83  %       4.32 %

-- Average loans increased $153 million, or eight percent on an annualized basis, primarily due to growth in Commercial Real Estate, Middle Market and National Dealer Services.

-- Average deposits increased $56 million, or six percent on an annualized basis, primarily due to growth in Global Corporate, partially offset by declines in Technology & Life Sciences and Personal Banking.

-- The net interest margin of 3.78% decreased five basis points, primarily due to the impact of the lower value of noninterest-bearing deposits.

-- The provision for loan losses decreased $2 million primarily due to Middle Market.

-- Noninterest income decreased $2 million due to a gain on the sale of the Visa shares recorded in the first quarter.

-- Noninterest expenses increased $5 million, primarily due to the first quarter reversal of a $2 million Visa loss sharing expense.


    Florida Market

      (dollar amounts in millions)     2nd Qtr '08   1st Qtr '08   2nd Qtr '07
      Net interest income (FTE)            $12           $11           $11
      Provision for loan losses              7            12             2
      Noninterest income                     4             5             3
      Noninterest expenses                  11            10             9
      Net income (loss)                     (1)           (4)            2

      Net credit-related charge-offs         8            10             1

      Selected average balances:
      Assets                             1,854         1,891         1,666
      Loans                              1,851         1,877         1,649
      Deposits                             306           362           290

      Net interest margin                 2.50  %       2.55  %       2.64 %

-- Average loans decreased $26 million, primarily due to Commercial Real Estate and National Dealer Services.

-- Average deposits decreased $56 million due to a decline in Private Banking.

-- The provision for loan losses decreased $5 million, primarily due to a single Middle Market customer.

Conference Call and Webcast

Comerica will host a conference call to review second quarter 2008 financial results at 7 a.m. CDT Thursday, July 17, 2008. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 51656449). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A replay will be available approximately two hours following the conference call through July 31, 2008. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 51656449). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico.

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in the pace of an economic recovery and related changes in employment levels, changes in real estate values, fuel prices, energy costs or other events that could affect customer income levels or general economic conditions, changes related to the headquarters relocation or to its underlying assumptions, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, changes in customer borrowing, repayment, investment and deposit practices, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic, political or industry conditions and related credit and market conditions, and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of these and other factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    CONSOLIDATED FINANCIAL HIGHLIGHTS
    Comerica Incorporated and Subsidiaries


                                     Three Months Ended       Six Months Ended
                                  June 30, March 31, June 30,     June 30,
    (in millions, except
     per share data)                2008     2008     2007     2008     2007

    PER SHARE AND COMMON STOCK
     DATA
    Diluted income from
     continuing operations          $0.37    $0.73    $1.25    $1.10    $2.44

    Diluted net income               0.37     0.73     1.25     1.09     2.45

    Cash dividends declared          0.66     0.66     0.64     1.32     1.28

    Common shareholders' equity
     (at period end)                33.78    34.93    32.74

    Average diluted shares
     (in thousands)               150,819  150,734  156,632  150,774  157,774

    KEY RATIOS
    Return on average common
     shareholders' equity from
     continuing operations           4.26%    8.51%   15.44%    6.38%   15.15%
    Return on average common
     shareholders' equity            4.25     8.42    15.44     6.34    15.16

    Return on average assets
     from continuing operations      0.34     0.69     1.35     0.51     1.34

    Return on average assets         0.33     0.68     1.35     0.51     1.34

    Average common shareholders'
     equity as a percentage of
     average assets                  7.87     8.12     8.75     8.00     8.84

    Tier 1 common capital ratio *    6.72     6.75     7.18
    Tier 1 risk-based capital
     ratio *                         7.36     7.40     7.87
    Total risk-based capital
     ratio *                        11.11    11.06    11.71
    Leverage ratio *                 8.55     8.82     9.68

    AVERAGE BALANCES
    Commercial loans              $29,280  $29,178  $28,324  $29,230  $28,042

    Real estate construction
     loans                          4,843    4,811    4,501    4,827    4,376

    Commercial mortgage loans      10,374   10,142    9,634   10,258    9,654

    Residential mortgage loans      1,906    1,916    1,791    1,911    1,748

    Consumer loans                  2,549    2,449    2,331    2,499    2,368

    Lease financing                 1,352    1,347    1,287    1,349    1,280

    International loans             2,063    2,009    1,925    2,036    1,879

    Total loans                    52,367   51,852   49,793   52,110   49,347


    Earning assets                 61,088   59,518   54,304   60,303   53,729

    Total assets                   65,963   63,927   58,118   64,945   57,606

    Interest-bearing deposits      33,116   33,440   30,049   33,278   30,232

    Total interest-bearing
     liabilities                   48,483   46,793   40,157   47,638   39,332

    Noninterest-bearing
     deposits                      10,648   10,622   11,633   10,635   11,897

    Common shareholders' equity     5,193    5,192    5,088    5,193    5,090

    NET INTEREST INCOME
    Net interest income
     (fully taxable equivalent
      basis)**                       $443     $477     $510     $920   $1,013

    Fully taxable equivalent
     adjustment                         1        1        1        2        2

    Net interest margin**            2.91%    3.22%    3.76%    3.07%    3.79%

    CREDIT QUALITY
    Nonaccrual loans                 $730     $538     $244
    Reduced-rate loans                  -        -        -
    Total nonperforming loans         730      538      244
    Foreclosed property                17       22       15
    Total nonperforming assets        747      560      259

    Loans past due 90 days or
      more and still accruing         112       80       29

    Gross loan charge-offs            118      116       43     $234      $77

    Loan recoveries                     6        6       13       12       31

    Net loan charge-offs              112      110       30      222       46

    Lending-related
     commitment charge-offs             1        -        -        1        3

    Total net credit-related
     charge-offs                      113      110       30      223       49


    Allowance for loan losses         663      605      507
    Allowance for credit losses
     on lending-related commitments    31       25       19
    Total allowance for credit
     losses                           694      630      526

    Allowance for loan losses as
     a percentage of total loans     1.28%    1.16%    1.04%
    Net loan charge-offs as a
     percentage of average total
     loans                           0.86     0.85     0.24     0.85%    0.19%
    Net credit-related charge-offs
     as a percentage of average
     total loans                     0.86     0.85     0.24     0.86     0.20

    Nonperforming assets as a
    percentage of total loans and
     foreclosed property             1.44     1.07     0.53
    Allowance for loan losses as
     a percentage of total
     nonperforming loans               91      112      207


    * June 30, 2008 ratios are estimated

** Second quarter 2008 net interest income declined $30 million due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10% and 3.17% for the three- and six-month periods ended June 30, 2008.



    CONSOLIDATED BALANCE SHEETS
    Comerica Incorporated and Subsidiaries

                                          June 30, March 31, Dec. 31, June 30,
    (in millions, except share data)        2008     2008     2007     2007

    ASSETS
    Cash and due from banks                 $1,698   $1,929   $1,440   $1,372
    Federal funds sold and securities
     purchased under agreements to resell       77       45       36    1,217
    Other short-term investments               249      356      373      251
    Investment securities available-for-
     sale                                    8,243    8,563    6,296    4,368
    Commercial loans                        28,763   29,475   28,223   27,146
    Real estate construction loans           4,684    4,646    4,816    4,513
    Commercial mortgage loans               10,504   10,482   10,048    9,728
    Residential mortgage loans               1,879    1,926    1,915    1,839
    Consumer loans                           2,594    2,448    2,464    2,321
    Lease financing                          1,351    1,341    1,351    1,314
    International loans                      1,976    2,034    1,926    1,904
        Total loans                         51,751   52,352   50,743   48,765
    Less allowance for loan losses            (663)    (605)    (557)    (507)
        Net loans                           51,088   51,747   50,186   48,258

    Premises and equipment                     674      670      650      616
    Customers' liability on acceptances
     outstanding                                15       28       48       40
    Accrued income and other assets          3,959    3,679    3,302    2,448
        Total assets                       $66,003  $67,017  $62,331  $58,570

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Noninterest-bearing deposits           $11,860  $12,792  $11,920  $12,763
    Money market and NOW deposits           14,506   15,601   15,261   15,212
    Savings deposits                         1,391    1,408    1,325    1,397
    Customer certificates of deposit         7,746    8,191    8,357    7,567
    Institutional certificates of deposit    5,940    7,752    6,147    5,479
    Foreign office time deposits               879    1,075    1,268      789
        Total interest-bearing deposits     30,462   34,027   32,358   30,444
        Total deposits                      42,322   46,819   44,278   43,207

    Short-term borrowings                    4,075    2,434    2,807      297
    Acceptances outstanding                     15       28       48       40
    Accrued expenses and other liabilities   1,651    1,679    1,260    1,269
    Medium- and long-term debt              12,858   10,800    8,821    8,748
        Total liabilities                   60,921   61,760   57,214   53,561

    Common stock - $5 par value:
        Authorized - 325,000,000 shares
         Issued - 178,735,252 shares at
         6/30/08, 3/31/08, 12/31/07 and
         6/30/07                               894      894      894      894
    Capital surplus                            576      565      564      539
    Accumulated other comprehensive loss      (207)     (67)    (177)    (308)
    Retained earnings                        5,451    5,496    5,497    5,391
    Less cost of common stock in treasury
     - 28,281,490 shares at 6/30/08,
     28,233,996 shares at 3/31/08,
     28,747,097 shares at 12/31/07 and
     25,725,671 shares at 6/30/07           (1,632)  (1,631)  (1,661)  (1,507)
        Total shareholders' equity           5,082    5,257    5,117    5,009
        Total liabilities and
         shareholders' equity              $66,003  $67,017  $62,331  $58,570



    CONSOLIDATED STATEMENTS OF INCOME
    Comerica Incorporated and Subsidiaries

                                         Three Months Ended   Six Months Ended
                                               June 30,           June 30,
    (in millions, except per share data)    2008    2007       2008     2007

    INTEREST INCOME
    Interest and fees on loans              $633    $882     $1,403   $1,733
    Interest on investment securities        101      46        189       88
    Interest on short-term investments         3       5          8       13
        Total interest income                737     933      1,600    1,834

    INTEREST EXPENSE
    Interest on deposits                     182     284       $435      570
    Interest on short-term borrowings         19      24         48       46
    Interest on medium- and long-term debt    94     116        199      207
        Total interest expense               295     424        682      823
        Net interest income                  442     509        918    1,011
    Provision for loan losses                170      36        329       59
        Net interest income after
         provision for loan losses           272     473        589      952

    NONINTEREST INCOME
    Service charges on deposit accounts       59      55        117      109
    Fiduciary income                          51      49        103       98
    Commercial lending fees                   21      17         38       33
    Letter of credit fees                     18      15         33       31
    Foreign exchange income                   12      10         22       19
    Brokerage fees                            10      10         20       21
    Card fees                                 16      14         30       26
    Bank-owned life insurance                  8       9         18       19
    Net securities gains                      14       -         36        -
    Net gain on sales of businesses            -       2          -        3
    Other noninterest income                  33      44         62       69
        Total noninterest income             242     225        479      428

    NONINTEREST EXPENSES
    Salaries                                 202     215        402      421
    Employee benefits                         48      50         95       96
        Total salaries and employee
         benefits                            250     265        497      517
    Net occupancy expense                     36      33         74       68
    Equipment expense                         16      15         31       30
    Outside processing fee expense            28      24         51       44
    Software expense                          20      15         39       30
    Customer services                          3      11          9       25
    Litigation and operational losses
     (recoveries)                              3      (9)        (5)      (6)
    Provision for credit losses on
     lending-related commitments               7      (2)        11       (4)
    Other noninterest expenses                60      59        119      114
        Total noninterest expenses           423     411        826      818
    Income from continuing operations
     before income taxes                      91     287        242      562
    Provision for income taxes                35      91         76      177
    Income from continuing operations         56     196        166      385
    Income (loss) from discontinued
     operations, net of tax                    -       -         (1)       1
    NET INCOME                               $56    $196       $165     $386

    Basic earnings per common share:
        Income from continuing operations  $0.37   $1.28      $1.11    $2.49
        Net income                          0.37    1.28       1.10     2.49

    Diluted earnings per common share:
        Income from continuing operations   0.37    1.25       1.10     2.44
        Net income                          0.37    1.25       1.09     2.45

    Cash dividends declared on common
     stock                                   100      98        199      199
    Dividends per common share              0.66    0.64       1.32     1.28



    CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
    Comerica Incorporated and Subsidiaries


                                        Second  First   Fourth  Third   Second
    (in millions, except per           Quarter Quarter Quarter Quarter Quarter
    share data)                          2008    2008    2007    2007    2007

    INTEREST INCOME
    Interest and fees on loans           $633    $770    $873    $895    $882
    Interest on investment securities     101      88      66      52      46
    Interest on short-term investments      3       5       5       5       5
        Total interest income             737     863     944     952     933

    INTEREST EXPENSE
    Interest on deposits                  182     253     303     294     284
    Interest on short-term borrowings      19      29      30      29      24
    Interest on medium- and long-term
     debt                                  94     105     122     126     116
        Total interest expense            295     387     455     449     424
        Net interest income               442     476     489     503     509
    Provision for loan losses             170     159     108      45      36
        Net interest income after
         provision for loan losses        272     317     381     458     473

    NONINTEREST INCOME
    Service charges on deposit accounts    59      58      57      55      55
    Fiduciary income                       51      52      52      49      49
    Commercial lending fees                21      17      23      19      17
    Letter of credit fees                  18      15      16      16      15
    Foreign exchange income                12      10      10      11      10
    Brokerage fees                         10      10      11      11      10
    Card fees                              16      14      14      14      14
    Bank-owned life insurance               8      10       9       8       9
    Net securities gains                   14      22       3       4       -
    Net gain on sales of businesses         -       -       -       -       2
    Other noninterest income               33      29      35      43      44
        Total noninterest income          242     237     230     230     225

    NONINTEREST EXPENSES
    Salaries                              202     200     216     207     215
    Employee benefits                      48      47      48      49      50
        Total salaries and employee
         benefits                         250     247     264     256     265
    Net occupancy expense                  36      38      36      34      33
    Equipment expense                      16      15      15      15      15
    Outside processing fee expense         28      23      24      23      24
    Software expense                       20      19      17      16      15
    Customer services                       3       6       7      11      11
    Litigation and operational losses
     (recoveries)                           3      (8)     18       6      (9)
    Provision for credit losses on
     lending-related commitments            7       4       3       -      (2)
    Other noninterest expenses             60      59      66      62      59
        Total noninterest expenses        423     403     450     423     411
    Income from continuing operations
     before income taxes                   91     151     161     265     287
    Provision for income taxes             35      41      44      85      91
    Income from continuing operations      56     110     117     180     196
    Income (loss) from discontinued
     operations, net of tax                 -      (1)      2       1       -
    NET INCOME                            $56    $109    $119    $181    $196

    Basic earnings per common share:
        Income from continuing
         operations                     $0.37   $0.74   $0.78   $1.18   $1.28
        Net income                       0.37    0.73    0.80    1.20    1.28

    Diluted earnings per common share:
        Income from continuing
         operations                      0.37    0.73    0.77    1.17    1.25
        Net income                       0.37    0.73    0.79    1.18    1.25

    Cash dividends declared on common
     stock                                100      99      97      97      98
    Dividends per common share           0.66    0.66    0.64    0.64    0.64



                                           Second Quarter 2008 Compared To:
                                            First Quarter    Second Quarter
                                                2008              2007
    (in millions, except per share data)   Amount  Percent   Amount  Percent

    INTEREST INCOME
    Interest and fees on loans              $(137)   (18)%    $(249)    (28)
    Interest on investment securities          13     14         55     N/M
    Interest on short-term investments         (2)   (27)        (2)    (40)
        Total interest income                (126)   (15)      (196)    (21)

    INTEREST EXPENSE
    Interest on deposits                      (71)   (28)      (102)    (36)
    Interest on short-term borrowings         (10)   (32)        (5)    (20)
    Interest on medium- and long-term debt    (11)   (10)       (22)    (19)
        Total interest expense                (92)   (24)      (129)    (31)
        Net interest income                   (34)    (7)       (67)    (13)
    Provision for loan losses                  11      7        134     N/M
        Net interest income after
         provision for loan losses            (45)   (14)      (201)    (43)

    NONINTEREST INCOME
    Service charges on deposit accounts         1      -          4       5
    Fiduciary income                           (1)    (3)         2       3
    Commercial lending fees                     4     30          4      28
    Letter of credit fees                       3     19          3      18
    Foreign exchange income                     2     20          2      22
    Brokerage fees                              -      1          -       2
    Card fees                                   2     14          2      19
    Bank-owned life insurance                  (2)   (12)        (1)     (8)
    Net securities gains                       (8)   N/M         14     N/M
    Net gain on sales of businesses             -    N/M         (2)    N/M
    Other noninterest income                    4      9        (11)    (26)
        Total noninterest income                5      2         17       7

    NONINTEREST EXPENSES
    Salaries                                    2      1        (13)     (6)
    Employee benefits                           1      -         (2)     (4)
        Total salaries and employee benefits    3      1        (15)     (6)
    Net occupancy expense                      (2)    (4)         3      11
    Equipment expense                           1      3          1       3
    Outside processing fee expense              5     21          4      17
    Software expense                            1      4          5      37
    Customer services                          (3)   (52)        (8)    (75)
    Litigation and operational losses
     (recoveries)                              11    N/M         12     N/M
    Provision for credit losses on
     lending-related commitments                3     68          9     N/M
    Other noninterest expenses                  1      1          1       -
        Total noninterest expenses             20      5         12       3
    Income from continuing operations
     before income taxes                      (60)   (40)      (196)    (68)
    Provision for income taxes                 (6)   (13)       (56)    (61)
    Income from continuing operations         (54)   (50)      (140)    (72)
    Income (loss) from discontinued
     operations, net of tax                     1    N/M          -     N/M
    NET INCOME                               $(53)   (49)%    $(140)    (72)

    Basic earnings per common share:
        Income from continuing operations  $(0.37)   (50)%   $(0.91)    (71)
        Net income                          (0.36)   (49)     (0.91)    (71)

    Diluted earnings per common share:
        Income from continuing operations   (0.36)   (49)     (0.88)    (70)
        Net income                          (0.36)   (49)     (0.88)    (70)

    Cash dividends declared on common stock     1      -          2       1
    Dividends per common share                  -      -       0.02       3

    N/M - Not meaningful



     ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
     Comerica Incorporated and Subsidiaries


                                         2008                   2007
    (in millions)                  2nd Qtr  1st Qtr  4th Qtr  3rd Qtr  2nd Qtr

    Balance at beginning of period   $605     $557     $512     $507     $500

    Loan charge-offs:
      Commercial                       36       33       27       30       19
      Real estate construction:
        Commercial Real Estate
         business line                 57       52       24        6        6
        Other business lines            -        1        1        2        2
          Total real estate
           construction                57       53       25        8        8
      Commercial mortgage:
        Commercial Real Estate
         business line                 14       20        7        2        3
        Other business lines            7        2        9        4       10
          Total commercial mortgage    21       22       16        6       13
        Residential mortgage            1        -        -        -        -
        Consumer                        3        7        4        3        3
        Lease financing                 -        -        -        -        -
        International                   -        1        -        -        -
          Total loan charge-offs      118      116       72       47       43

    Recoveries on loans previously
     charged-off:
      Commercial                        5        3        7        5        5
      Real estate construction          -        1        -        -        -
      Commercial mortgage               1        1        1        1        2
      Residential mortgage              -        -        -        -        -
      Consumer                          -        1        1        1        1
      Lease financing                   -        -        -        -        -
      International                     -        -        -        -        5
          Total recoveries              6        6        9        7       13
    Net loan charge-offs              112      110       63       40       30
    Provision for loan losses         170      159      108       45       36
    Foreign currency translation
     adjustment                         -       (1)       -        -        1
    Balance at end of period         $663     $605     $557     $512     $507

    Allowance for loan losses as
     a percentage of total loans     1.28     1.16     1.10     1.03     1.04

    Net loan charge-offs as a
     percentage of average total
     loans                           0.86     0.85     0.50     0.32     0.24

    Net credit-related charge-offs
     as a percentage of average
     total loans                     0.86     0.85     0.50     0.32     0.24



    ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
    Comerica Incorporated and  Subsidiaries


                                         2008                  2007
    (in millions)                  2nd Qtr  1st Qtr  4th Qtr  3rd Qtr  2nd Qtr

    Balance at beginning of period    $25      $21      $19      $19      $21
    Less: Charge-offs on
     lending-related commitments (1)    1        -        1        -        -
    Add: Provision for credit losses
     on lending-related commitments     7        4        3        -       (2)
    Balance at end of period          $31      $25      $21      $19      $19

    Unfunded lending-related
     commitments sold                  $2       $3      $22       $-       $-

(1) Charge-offs result from the sale of unfunded lending-related commitments.



    NONPERFORMING ASSETS
    Comerica Incorporated and Subsidiaries

                                         2008                  2007
    (in millions)                  2nd Qtr  1st Qtr  4th Qtr  3rd Qtr  2nd Qtr

    SUMMARY OF NONPERFORMING
     ASSETS AND PAST DUE LOANS
    Nonaccrual loans:
      Commercial                     $155      $87      $75      $64     $88
      Real estate construction:
        Commercial Real Estate
         business line                322      271      161       55      37
        Other business lines            4        4        6        4       7
          Total real estate
           construction               326      275      167       59      44
      Commercial mortgage:
        Commercial Real Estate
         business line                143      105       66       63      20
        Other business lines           95       64       75       77      84
          Total commercial mortgage   238      169      141      140     104
      Residential mortgage              4        1        1        1       1
      Consumer                          4        3        3        4       3
      Lease financing                   -        -        -        -       -
      International                     3        3        4        4       4
          Total nonaccrual loans      730      538      391      272     244
    Reduced-rate loans                  -        -       13        -       -
          Total nonperforming loans   730      538      404      272     244
    Foreclosed property                17       22       19       19      15
          Total nonperforming assets $747     $560     $423     $291    $259

    Nonperforming loans as a
     percentage of total loans       1.41 %   1.03 %   0.80 %   0.55 %  0.50 %
    Nonperforming assets as a
     percentage of total loans
     and foreclosed property         1.44     1.07     0.83     0.59    0.53
    Allowance for loan losses as
     a percentage of total
     nonperforming loans               91      112      138      188     207
    Loans past due 90 days or
     more and still accruing         $112      $80      $54      $56     $29


    ANALYSIS OF NONACCRUAL LOANS
    Nonaccrual loans at
     beginning of period             $538     $391     $272     $244    $218
      Loans transferred to
       nonaccrual (1)                 304      281      185       94     107
      Nonaccrual business loan
       gross charge-offs (2)         (113)    (108)     (68)     (44)    (40)
      Loans transferred to
       accrual status (1)               -        -        -       (5)     (8)
      Nonaccrual business loans
       sold (3)                         -      (15)       -      (11)      -
      Payments/Other (4)                1      (11)       2       (6)    (33)
    Nonaccrual loans at end of
     period                          $730     $538     $391     $272    $244

(1) Based on an analysis of nonaccrual loans with book balances greater than $2 million.

    (2) Analysis of gross loan charge-offs:

      Nonaccrual business loans      $113     $108      $68      $44     $40
      Performing watch list loans       1        1       -         -       -
      Consumer and residential
       mortgage loans                   4        7       4         3       3
        Total gross loan
         charge-offs                 $118     $116     $72       $47     $43
    (3) Analysis of loans sold:

      Nonaccrual business loans        $-      $15      $-       $11      $-
      Performing watch list loans       7        6      13         -       -
        Total loans sold               $7      $21     $13       $11      $-

(4) Includes net changes related to nonaccrual loans with less than $2 million, other than business loan gross charge-offs and nonaccrual loans sold, and payments on nonaccrual loans with book balances greater than $2 million.



    ANALYSIS OF NET INTEREST INCOME (FTE)
    Comerica Incorporated and Subsidiaries


                                              Six Months Ended
                                   June 30, 2008           June 30, 2007
    (dollar amounts in        Average        Average  Average         Average
     millions)                Balance Interest  Rate  Balance Interest   Rate

    Commercial loans (1)(2)   $29,230   $786   5.41%  $28,042  $1,016   7.31%
    Real estate construction
     loans                      4,827    130   5.40     4,376     186   8.55
    Commercial mortgage
     loans                     10,258    300   5.88     9,654     353   7.37
    Residential mortgage
     loans                      1,911     58   6.02     1,748      54   6.13
    Consumer loans              2,499     69   5.53     2,368      84   7.15
    Lease financing (3)         1,349     (8)   N/M     1,280      21   3.26
    International loans         2,036     55   5.42     1,879      66   7.12
    Business loan swap
     income (expense)               -     15      -         -     (45)     -
      Total loans (2)          52,110  1,405   5.42    49,347   1,735   7.08

    Investment securities
     available-for-sale         7,759    189   4.91     3,916      88   4.40
    Federal funds sold and
     securities purchased
     under agreements to
     resell                       115      1   2.56       235       6   5.38
    Other short-term
     investments                  319      7   4.08       231       7   6.00
      Total earning assets     60,303  1,602   5.34    53,729   1,836   6.87


    Cash and due from banks     1,229                   1,410
    Allowance for loan losses    (630)                   (509)
    Accrued income and other
     assets                     4,043                   2,976
      Total assets            $64,945                 $57,606

    Money market and NOW
     deposits (1)             $15,063    125   1.67   $14,788     225   3.06
    Savings deposits            1,382      4   0.54     1,400       6   0.88
    Customer certificates
     of deposit                 8,161    148   3.64     7,404     163   4.45
    Institutional certificates
     of deposit                 7,482    139   3.73     5,652     152   5.43
    Foreign office time
     deposits                   1,190     19   3.29       988      24   4.90
      Total interest-bearing
       deposits                33,278    435   2.63    30,232     570   3.80

    Short-term borrowings       3,411     48   2.82     1,736      46   5.31
    Medium- and long-term
     debt                      10,949    199   3.66     7,364     207   5.68
      Total interest-bearing
       sources                 47,638    682   2.88    39,332     823   4.22

    Noninterest-bearing
     deposits (1)              10,635                  11,897
    Accrued expenses and
     other liabilities          1,479                   1,287
    Shareholders' equity        5,193                   5,090
      Total liabilities and
       shareholders' equity   $64,945                 $57,606

    Net interest income/rate
     spread (FTE)                       $920   2.46            $1,013   2.65

    FTE adjustment                        $2                       $2

    Impact of net
     noninterest-bearing
     sources of funds                          0.61                     1.14
    Net interest margin (as
     a percentage of average
     earning assets)
     (FTE) (2) (3)                             3.07%                    3.79%
    N/M - Not meaningful

    (1) FSD balances
     included above:
      Loans (primarily
       low-rate)                 $635     $4   1.23%   $1,575      $5   0.60%
      Interest-bearing
       deposits                 1,044     12   2.31     1,238      24   3.90

      Noninterest-bearing
       deposits                 1,858                   3,363

    (2) Impact of FSD loans
     (primarily low-rate)
     on the following:
      Commercial loans                        (0.10)%                  (0.40)%
      Total loans                             (0.05)                   (0.22)
      Net interest margin
       (FTE) (assuming loans
       were funded by
       noninterest-bearing
       deposits)                              (0.02)                   (0.11)

    (3) 2008 net interest
     income declined $30
     million and the net
     interest margin declined
     by 10 basis points due
     to a tax-related non-cash
     lease income charge.
     Excluding this charge,
     the net interest margin
     would have been 3.17%.



       ANALYSIS OF NET INTEREST INCOME (FTE)
       Comerica Incorporated and Subsidiaries

                                            Three Months Ended
                                   June 30, 2008           March 31, 2008
    (dollar amounts in        Average        Average  Average         Average
     millions)                Balance Interest  Rate  Balance Interest   Rate

    Commercial loans (1) (2)   $29,280  $357   4.90%  $29,178    $429   5.93%
    Real estate construction
     loans                       4,843    59   4.89     4,811     71    5.92
    Commercial mortgage loans   10,374   141   5.47    10,142    159    6.29
    Residential mortgage loans   1,906    29   6.03     1,916     29    6.01
    Consumer loans               2,549    32   5.06     2,449     37    6.02
    Lease financing (3)          1,352   (19)   N/M     1,347     11    3.22
    International loans          2,063    25   4.86     2,009     30    6.01
    Business loan swap income
     (expense)                       -    10      -         -      5       -
      Total loans (2)           52,367   634   4.87    51,852    771    5.98

    Investment securities
     available-for-sale          8,296   101   4.89     7,222     88    4.93
    Federal funds sold and
     securities purchased
     under agreements to resell    150     1   2.17        80      1    3.28
    Other short-term
     investments                   275     2   3.73       364      4    4.34
      Total earning assets      61,088   738   4.86    59,518    864    5.84

    Cash and due from banks      1,217                  1,240
    Allowance for loan losses     (664)                  (596)
    Accrued income and other
     assets                      4,322                  3,765
      Total assets             $65,963                $63,927

    Money market and NOW
     deposits (1)              $14,784    46   1.26   $15,341     79    2.06
    Savings deposits             1,405     2   0.45     1,359      2    0.64
    Customer certificates of
     deposit                     8,037    64   3.20     8,286     84    4.07
    Institutional certificates
     of deposit                  7,707    61   3.21     7,257     77    4.28
    Foreign office time
     deposits                    1,183     8   2.77     1,197     11    3.81
      Total interest-
       bearing deposits         33,116   181   2.20    33,440    253    3.05

    Short-term borrowings        3,326    19   2.33     3,497     29    3.28
    Medium- and long-term debt  12,041    95   3.15     9,856    105    4.27
      Total interest-
       bearing sources          48,483   295   2.45    46,793    387    3.32

    Noninterest-bearing
     deposits (1)               10,648                 10,622
    Accrued expenses and other
     liabilities                 1,639                  1,320
    Shareholders' equity         5,193                  5,192
      Total liabilities and
       shareholders' equity    $65,963                $63,927

    Net interest income/rate
     spread (FTE)                       $443   2.41             $477    2.52

    FTE adjustment                        $1                      $1

    Impact of net noninterest-
     bearing
      sources of funds                  0.50                    0.70
    Net interest margin (as a
     percentage
      of average earning
       assets) (FTE) (2) (3)            2.91%                   3.22%
    N/M - Not meaningful

    (1) FSD balances included
     above:
         Loans (primarily low-
          rate)                   $469    $2   1.42%     $802     $2    1.12%
         Interest-bearing
          deposits                 994     4   1.81     1,094      8    2.77
         Noninterest-bearing
          deposits               1,823                  1,894
    (2) Impact of FSD loans
     (primarily low-rate) on
     the following:
         Commercial loans              (0.06)%                 (0.13)%
         Total loans                   (0.03)                  (0.08)
         Net interest margin
          (FTE) (assuming
          loans were funded by
          noninterest-bearing
          deposits)                    (0.01)                  (0.03)
    (3) Second quarter 2008 net
     interest income declined $30
     million and the net interest
     margin declined by 19 basis
     points due to a tax-related
     non-cash lease income charge.
     Excluding this charge, the
     net interest margin would have
     been 3.10%.


                                                 Three Months Ended
                                                    June 30, 2007
                                              Average                Average
    (dollar amounts in millions)              Balance    Interest     Rate

    Commercial loans (1) (2)                  $28,324      $517       7.31 %
    Real estate construction loans              4,501        95       8.45
    Commercial mortgage loans                   9,634       178       7.39
    Residential mortgage loans                  1,791        28       6.15
    Consumer loans                              2,331        41       7.15
    Lease financing (3)                         1,287        11       3.33
    International loans                         1,925        34       7.17
    Business loan swap income (expense)             -       (21)         -
      Total loans (2)                          49,793       883       7.11

    Investment securities available-for-
     sale                                       4,085        46       4.46
    Federal funds sold and securities
     purchased under agreements to resell         195         2       5.37
    Other short-term investments                  231         3       5.21
      Total earning assets                     54,304       934       6.89

    Cash and due from banks                     1,341
    Allowance for loan losses                    (516)
    Accrued income and other assets             2,989
      Total assets                            $58,118

    Money market and NOW deposits (1)         $14,825       114       3.08
    Savings deposits                            1,419         3       0.91
    Customer certificates of deposit            7,463        83       4.46
    Institutional certificates of deposit       5,484        74       5.43
    Foreign office time deposits                  858        10       4.81
      Total interest-bearing deposits          30,049       284       3.80

    Short-term borrowings                       1,816        24       5.30
    Medium- and long-term debt                  8,292       116       5.63
      Total interest-bearing sources           40,157       424       4.24

    Noninterest-bearing deposits (1)           11,633
    Accrued expenses and other liabilities      1,240
    Shareholders' equity                        5,088
      Total liabilities and shareholders'
       equity                                 $58,118

    Net interest income/rate spread (FTE)                  $510       2.65

    FTE adjustment                                           $1

    Impact of net noninterest-bearing
      sources of funds                                                1.11
    Net interest margin (as a percentage
      of average earning assets) (FTE)
       (2) (3)                                                        3.76%
    N/M - Not meaningful

    (1) FSD balances included above:
        Loans (primarily low-rate)             $1,580        $2       0.52%
        Interest-bearing deposits               1,228        12       3.88
        Noninterest-bearing deposits            3,277
    (2) Impact of FSD loans (primarily
     low-rate) on the following:
        Commercial loans                                             (0.40)%
        Total loans                                                  (0.21)
        Net interest margin (FTE)
         (assuming loans were funded
         by noninterest-bearing deposits)                            (0.10)
    (3) Second quarter 2008 net interest
     income declined $30 million and the
     net interest margin declined by 19
     basis points due to a tax-related
     non-cash lease income charge.
     Excluding this charge, the net
     interest margin would have been 3.10%.



    CONSOLIDATED STATISTICAL DATA
    Comerica Incorporated and Subsidiaries


    (in millions, except    June 30,  March 31,  Dec. 31,  Sept. 30,  June 30,
     per share data)          2008       2008      2007      2007      2007


    Commercial loans:
      Floor plan             $2,645     $2,913    $2,878    $2,601    $3,012
      Other                  26,118     26,562    25,345    24,791    24,134
        Total commercial
         loans               28,763     29,475    28,223    27,392    27,146
    Real estate
     construction loans:
      Commercial Real Estate
       business line          4,013      3,990     4,089     4,007     3,777
      Other business lines      671        656       727       752       736
        Total real estate
         construction loans   4,684      4,646     4,816     4,759     4,513
    Commercial mortgage
     loans:
      Commercial Real Estate
       business line          1,620      1,541     1,377     1,467     1,344
      Other business lines    8,884      8,941     8,671     8,527     8,384
        Total commercial
         mortgage loans      10,504     10,482    10,048     9,994     9,728
    Residential mortgage
     loans                    1,879      1,926     1,915     1,892     1,839
    Consumer loans:
      Home equity             1,649      1,619     1,616     1,582     1,585
      Other consumer            945        829       848       815       736
        Total consumer loans  2,594      2,448     2,464     2,397     2,321
    Lease financing           1,351      1,341     1,351     1,319     1,314
    International loans       1,976      2,034     1,926     1,843     1,904
      Total loans           $51,751    $52,352   $50,743   $49,596   $48,765

    Goodwill                   $150       $150      $150      $150      $150
    Loan servicing rights        12         12        12        13        13

    Tier 1 common capital
     ratio*                    6.72%      6.75%     6.85%     7.01%     7.18%
    Tier 1 risk-based
     capital ratio*            7.36       7.40      7.51      7.68      7.87
    Total risk-based
     capital ratio *          11.11      11.06     11.20     11.44     11.71
    Leverage ratio*            8.55       8.82      9.26      9.60      9.68

    Book value per share     $33.78     $34.93    $34.12    $33.56    $32.74

    Market value per share
     for the quarter:
      High                    40.62      45.19     54.88     61.34     63.89
      Low                     25.61      34.51     39.62     50.26     58.18
      Close                   25.63      35.08     43.53     51.28     59.47

    Quarterly ratios:
      Return on average
       common shareholders'
       equity from
       continuing operations   4.26%      8.51%     9.20%    14.27%    15.44%
      Return on average
       common shareholders'
       equity                  4.25       8.42      9.35     14.41     15.44
      Return on average
       assets from
       continuing operations   0.34       0.69      0.77      1.22      1.35
      Return on average
       assets                  0.33       0.68      0.79      1.23      1.35
      Efficiency ratio        63.02      58.25     62.76     58.00     55.97

    Number of banking centers   416        420       417       403       402

    Number of employees -
     full time equivalent    10,530     10,643    10,782    10,683    10,687


    * June 30, 2008 ratios are estimated



       PARENT COMPANY ONLY BALANCE SHEETS
       Comerica Incorporated



    (in millions, except                           June 30,  Dec. 31, June 30,
     share data)                                      2008     2007     2007

    ASSETS
    Cash and due from subsidiary bank                     $4       $1      $9
    Short-term investments with subsidiary bank          179      224     353
    Other short-term investments                         105      102     103
    Investment in subsidiaries, principally banks      5,818    5,840   5,617
    Premises and equipment                                 4        4       3
    Other assets                                         169      166     147
          Total assets                                $6,279   $6,337  $6,232

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Medium- and long-term debt                          $967     $968    $946
    Other liabilities                                    230      252     277
          Total liabilities                            1,197    1,220   1,223

    Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,735,252 shares at
       6/30/08, 12/31/07, and 6/30/07                    894      894     894
    Capital surplus                                      576      564     539
    Accumulated other comprehensive loss                (207)    (177)   (308)
    Retained earnings                                  5,451    5,497   5,391
    Less cost of common stock in treasury -
     28,281,490 shares at 6/30/08, 28,747,097
     shares at 12/31/07 and 25,725,671 shares
     at 6/30/07                                       (1,632)  (1,661) (1,507)
          Total shareholders' equity                   5,082    5,117   5,009
          Total liabilities and shareholders'
           equity                                     $6,279   $6,337  $6,232



       CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
       Comerica Incorporated and Subsidiaries

                                             Accumulated
                         Common Stock           Other                  Total
                                               Compre-          Treas- Share-
    (in millions, except   In          Capital hensive Retained  ury  holders'
     per share data)     Shares Amount Surplus  Loss   Earnings Stock  Equity

    BALANCE AT JANUARY 1,
     2007                  157.6   $894   $520 $(324) $5,230  $(1,219) $5,101
    Net income                -      -      -     -      386       -      386
    Other comprehensive
     income, net of tax       -      -      -     16      -        -       16
    Total comprehensive
     income                                                               402
    Cash dividends declared
     on common stock ($1.28
     per share)               -      -      -     -     (199)       -    (199)
    Purchase of common
     stock                  (6.9)    -      -     -        -     (425)   (425)
    Net issuance of common
     stock under employee
     stock plans             2.3     -     (17)   -      (26)     138      95
    Recognition of share-
     based compensation
     expense                  -      -      35    -       -        -       35
    Employee deferred
     compensation
     obligations              -      -       1    -       -        (1)      -
    BALANCE AT JUNE 30,
     2007                  153.0   $894   $539 $(308) $5,391  $(1,507) $5,009

    BALANCE AT JANUARY 1,
     2008                  150.0   $894   $564 $(177) $5,497  $(1,661) $5,117
    Net income                -      -      -     -      165       -      165
    Other comprehensive
     income, net of tax       -      -      -    (30)     -        -      (30)
    Total comprehensive
     income                   -      -      -     -       -        -      135
    Cash dividends declared
     on common stock ($1.32
     per share)               -      -      -     -     (199)      -     (199)
    Net issuance of common
     stock under employee
     stock plans             0.5     -     (19)   -      (12)      29      (2)
    Recognition of share-
     based compensation
     expense                  -      -      31    -       -        -       31
    BALANCE AT JUNE 30,
     2008                  150.5   $894   $576 $(207) $5,451  $(1,632) $5,082



         BUSINESS SEGMENT FINANCIAL RESULTS
         Comerica Incorporated and Subsidiaries

                                                                   Wealth &
    (dollar amounts in millions)           Business      Retail  Institutional
    Three Months Ended June 30, 2008          Bank        Bank    Management
    Earnings summary:
    Net interest income (expense) (FTE)        $296       $146        $37
    Provision for loan losses                   123         29          5
    Noninterest income                           92         54         74
    Noninterest expenses                        185        161         83
    Provision (benefit) for income taxes
     (FTE)                                       23          3          9
    Loss from discontinued operations,
     net of tax                                   -          -          -
    Net income (loss)                           $57         $7        $14
    Net credit-related charge-offs              $96        $14         $3

    Selected average balances:
    Assets                                  $42,335     $7,100     $4,646
    Loans                                    41,510      6,348      4,502
    Deposits                                 15,384     17,043      2,493
    Liabilities                              16,156     17,041      2,501
    Attributed equity                         3,277        657        333

    Statistical data:
    Return on average assets (1)               0.53 %     0.15 %     1.19 %
    Return on average attributed equity        6.86       4.13      16.57
    Net interest margin (2)                    2.85       3.44       3.28
    Efficiency ratio                          49.26      80.61      75.20


    Three Months Ended June 30, 2008          Finance      Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)         $(28)       $(8)       $443
    Provision for loan losses                      -         13         170
    Noninterest income                            18          4         242
    Noninterest expenses                           2         (8)        423
    Provision (benefit) for income taxes
     (FTE)                                        (7)         8          36
    Loss from discontinued operations,
     net of tax                                    -          -           -
    Net income (loss)                            $(5)      $(17)        $56
    Net credit-related charge-offs                $-         $-        $113

    Selected average balances:
    Assets                                   $10,333     $1,549     $65,963
    Loans                                          5          2      52,367
    Deposits                                   8,409        435      43,764
    Liabilities                               24,334        738      60,770
    Attributed equity                            949        (23)      5,193

    Statistical data:
    Return on average assets (1)                  N/M        N/M       0.33 %
    Return on average attributed equity           N/M        N/M       4.25
    Net interest margin (2)                       N/M        N/M       2.91
    Efficiency ratio                              N/M        N/M      63.02



                                                                   Wealth &
                                           Business      Retail Institutional
    Three Months Ended March 31, 2008         Bank        Bank    Management
    Earnings summary:
    Net interest income (expense) (FTE)        $329       $148        $36
    Provision for loan losses                   147         17          -
    Noninterest income                           74         74         75
    Noninterest expenses                        176        143         79
    Provision (benefit) for income taxes
     (FTE)                                       18         22         12
    Income from discontinued operations,
     net of tax                                   -          -          -
    Net income (loss)                           $62        $40        $20
    Net credit-related charge-offs              $99        $10         $1

    Selected average balances:
    Assets                                  $42,129     $7,144     $4,468
    Loans                                    41,219      6,276      4,315
    Deposits                                 15,878     17,162      2,637
    Liabilities                              16,687     17,170      2,646
    Attributed equity                         3,168        725        331

    Statistical data:
    Return on average assets (1)               0.59 %     0.89 %     1.79 %
    Return on average attributed equity        7.83      22.00      24.10
    Net interest margin (2)                    3.20       3.47       3.33
    Efficiency ratio                          44.05      70.99      70.95


    Three Months Ended March 31, 2008         Finance     Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)        $(26)      $(10)       $477
    Provision for loan losses                     -         (5)        159
    Noninterest income                           18         (4)        237
    Noninterest expenses                          3          2         403
    Provision (benefit) for income taxes
     (FTE)                                       (8)        (2)         42
    Income from discontinued operations,
     net of tax                                   -         (1)         (1)
    Net income (loss)                           $(3)      $(10)       $109
    Net credit-related charge-offs               $-         $-        $110

    Selected average balances:
    Assets                                   $8,644     $1,542     $63,927
    Loans                                         5         37      51,852
    Deposits                                  8,142        243      44,062
    Liabilities                              21,636        596      58,735
    Attributed equity                           902         66       5,192

    Statistical data:
    Return on average assets (1)                 N/M        N/M       0.68 %
    Return on average attributed equity          N/M        N/M       8.42
    Net interest margin (2)                      N/M        N/M       3.22
    Efficiency ratio                             N/M        N/M      58.25



                                                                   Wealth &
                                           Business      Retail Institutional
    Three Months Ended June 30, 2007          Bank        Bank    Management
    Earnings summary:
    Net interest income (expense) (FTE)        $344       $171        $36
    Provision for loan losses                    32          4          2
    Noninterest income                           68         57         70
    Noninterest expenses                        176        160         79
    Provision (benefit) for income taxes
     (FTE)                                       64         22          9
    Income from discontinued operations,
     net of tax                                  -          -          -
    Net income (loss)                          $140        $42        $16
    Net credit-related charge-offs              $24         $6         $-

    Selected average balances:
    Assets                                  $40,847     $6,828     $4,009
    Loans                                    39,824      6,100      3,860
    Deposits                                 16,432     17,191      2,295
    Liabilities                              17,262     17,204      2,303
    Attributed equity                         2,914        846        325

    Statistical data:
    Return on average assets (1)               1.37 %     0.94 %     1.59 %
    Return on average attributed equity       19.23      20.09      19.65
    Net interest margin (2)                    3.45       4.00       3.74
    Efficiency ratio                          42.80      69.93      74.65


    Three Months Ended June 30, 2007         Finance     Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)        $(35)       $(6)       $510
    Provision for loan losses                     -         (2)         36
    Noninterest income                           16         14         225
    Noninterest expenses                          3         (7)        411
    Provision (benefit) for income taxes
     (FTE)                                      (11)         8          92
    Income from discontinued operations,
     net of tax                                   -          -           -
    Net income (loss)                          $(11)        $9        $196
    Net credit-related charge-offs               $-         $-         $30

    Selected average balances:
    Assets                                   $5,297     $1,137     $58,118
    Loans                                         2          7      49,793
    Deposits                                  5,840        (76)     41,682
    Liabilities                              16,033        228      53,030
    Attributed equity                           595        408       5,088

    Statistical data:
    Return on average assets (1)                 N/M        N/M       1.35 %
    Return on average attributed equity          N/M        N/M      15.44
    Net interest margin (2)                      N/M        N/M       3.76
    Efficiency ratio                             N/M        N/M      55.97

    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful



         MARKET SEGMENT FINANCIAL RESULTS
         Comerica Incorporated and Subsidiaries

    (dollar amounts in millions)
    Three Months Ended June 30, 2008     Midwest   Western   Texas   Florida
    Earnings summary:
    Net interest income (expense) (FTE)     $172      $171      $74      $12
    Provision for loan losses                 24       113        6        7
    Noninterest income                       136        34       22        4
    Noninterest expenses                     205       115       63       11
    Provision (benefit) for income taxes
     (FTE)                                    27        (3)      10       (1)
    Income from discontinued operations,
     net of tax                                -         -        -        -
    Net income (loss)                        $52      $(20)     $17      $(1)
    Net credit-related charge-offs           $42       $59       $3       $8

    Selected average balances:
    Assets                               $19,891   $17,241   $8,063   $1,854
    Loans                                 19,255    16,918    7,795    1,851
    Deposits                              16,056    12,345    4,061      306
    Liabilities                           16,750    12,326    4,076      302
    Attributed equity                      1,649     1,336      614      118

    Statistical data:
    Return on average assets (1)            1.05 %   (0.46)%   0.81 %  (0.37)%
    Return on average attributed equity    12.67     (5.97)   10.66    (5.84)
    Net interest margin (2)                 3.58      4.04     3.78     2.50
    Efficiency ratio                       69.48     56.09    65.55    72.21


                                                             Finance
                                           Other    Inter-   & Other
    Three Months Ended June 30, 2008      Markets  national Businesses  Total
    Earnings summary:
    Net interest income (expense) (FTE)      $36      $14      $(36)    $443
    Provision for loan losses                  7        -        13      170
    Noninterest income                        16        8        22      242
    Noninterest expenses                      25       10        (6)     423
    Provision (benefit) for income taxes
     (FTE)                                    (3)       5         1       36
    Income from discontinued operations,
     net of tax                                -        -         -        -
    Net income (loss)                        $23       $7      $(22)     $56
    Net credit-related charge-offs            $1       $-        $-     $113

    Selected average balances:
    Assets                                $4,589   $2,443   $11,882  $65,963
    Loans                                  4,212    2,329         7   52,367
    Deposits                               1,375      777     8,844   43,764
    Liabilities                            1,466      778    25,072   60,770
    Attributed equity                        389      161       926    5,193

    Statistical data:
    Return on average assets (1)            1.96 %   1.21 %     N/M     0.33 %
    Return on average attributed equity    23.17    18.31       N/M     4.25
    Net interest margin (2)                 3.41     2.42       N/M     2.91
    Efficiency ratio                       48.61    45.61       N/M    63.02



    Three Months Ended March 31, 2008    Midwest   Western   Texas   Florida
    Earnings summary:
    Net interest income (expense) (FTE)     $205      $172      $74      $11
    Provision for loan losses                 20       114        8       12
    Noninterest income                       136        33       24        5
    Noninterest expenses                     186       108       58       10
    Provision (benefit) for income taxes
     (FTE)                                    48        (7)      12       (2)
    Income from discontinued operations,
     net of tax                                -         -        -        -
    Net income (loss)                        $87      $(10)     $20      $(4)
    Net credit-related charge-offs           $28       $66       $5      $10

    Selected average balances:
    Assets                               $19,656   $17,263   $7,932   $1,891
    Loans                                 19,030    16,882    7,642    1,877
    Deposits                              16,127    12,848    4,005      362
    Liabilities                           16,814    12,849    4,022      358
    Attributed equity                      1,663     1,270      619      125

    Statistical data:
    Return on average assets (1)            1.76 %   (0.23)%   1.00 %  (0.76)%
    Return on average attributed equity    20.83     (3.19)   12.88   (11.57)
    Net interest margin (2)                 4.30      4.07     3.83     2.55
    Efficiency ratio                       57.48     52.99    61.28    61.24


                                                             Finance
                                           Other    Inter-   & Other
    Three Months Ended March 31, 2008    Markets  national Businesses  Total
    Earnings summary:
    Net interest income (expense) (FTE)      $36      $15      $(36)    $477
    Provision for loan losses                 13       (3)       (5)     159
    Noninterest income                        17        8        14      237
    Noninterest expenses                      26       10         5      403
    Provision (benefit) for income taxes
     (FTE)                                    (5)       6       (10)      42
    Income from discontinued operations,
     net of tax                                -        -        (1)      (1)
    Net income (loss)                        $19      $10      $(13)    $109
    Net credit-related charge-offs            $-       $1        $-     $110

    Selected average balances:
    Assets                                $4,633   $2,366   $10,186  $63,927
    Loans                                  4,140    2,239        42   51,852
    Deposits                               1,534      801     8,385   44,062
    Liabilities                            1,643      817    22,232   58,735
    Attributed equity                        384      163       968    5,192

    Statistical data:
    Return on average assets (1)            1.61 %   1.76 %     N/M     0.68 %
    Return on average attributed equity    19.47    25.50       N/M     8.42
    Net interest margin (2)                 3.42     2.69       N/M     3.22
    Efficiency ratio                       50.41    44.09       N/M    58.25




    Three Months Ended June 30, 2007     Midwest   Western   Texas   Florida
    Earnings summary:
    Net interest income (expense) (FTE)     $227      $188      $71      $11
    Provision for loan losses                 25         5        3        2
    Noninterest income                       117        32       20        3
    Noninterest expenses                     203       113       56        9
    Provision (benefit) for income taxes
     (FTE)                                    40        38       11        1
    Income from discontinued operations,
     net of tax                                -         -        -        -
    Net income (loss)                        $76       $64      $21       $2
    Net credit-related charge-offs
     (recoveries)                            $29        $4       $1       $1

    Selected average balances:
    Assets                               $19,213   $17,257   $6,844   $1,666
    Loans                                 18,656    16,715    6,570    1,649
    Deposits                              15,651    13,595    3,836      290
    Liabilities                           16,309    13,633    3,852      293
    Attributed equity                      1,713     1,206      594       90

    Statistical data:
    Return on average assets (1)            1.58 %    1.51 %   1.20 %   0.50 %
    Return on average attributed equity    17.78     21.59    13.87     9.33
    Net interest margin (2)                 4.85      4.53     4.32     2.64
    Efficiency ratio                       59.08     51.14    61.92    63.90


                                                             Finance
                                           Other    Inter-   & Other
    Three Months Ended June 30, 2007     Markets  national Businesses  Total
    Earnings summary:
    Net interest income (expense) (FTE)      $35      $19     $(41)    $510
    Provision for loan losses                  9       (6)      (2)      36
    Noninterest income                        14        9       30      225
    Noninterest expenses                      23       11       (4)     411
    Provision (benefit) for income taxes
     (FTE)                                    (3)       8       (3)      92
    Income from discontinued operations,
     net of tax                                -        -        -        -
    Net income (loss)                        $20      $15      $(2)    $196
    Net credit-related charge-offs
     (recoveries)                             $-      $(5)      $-      $30

    Selected average balances:
    Assets                                $4,430   $2,274   $6,434  $58,118
    Loans                                  4,049    2,145        9   49,793
    Deposits                               1,299    1,247    5,764   41,682
    Liabilities                            1,416    1,266   16,261   53,030
    Attributed equity                        327      155    1,003    5,088

    Statistical data:
    Return on average assets (1)            1.79 %   2.61 %    N/M     1.35 %
    Return on average attributed equity    24.18    38.38      N/M    15.44
    Net interest margin (2)                 3.48     3.35      N/M     3.76
    Efficiency ratio                       46.16    40.12      N/M    55.97

    (1) Return on average assets is calculated based on the greater of average
        assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful

SOURCE Comerica Incorporated

CONTACT:
Media, Wayne J. Mielke, +1-214-462-4463,
or Investors, Darlene P. Persons, +1-214-462-6831,
or Paul Jaremski, +1-214-462-6834,
all of Comerica Incorporated/

Web site: http://www.comerica.com
(CMA)