Comerica (CMA) 8-K Comerica Reports Fourth Quarter and 2006 Earnings

EXHIBIT 99.1

NEWS RELEASE

COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS

Double-Digit Loan Growth in High-Growth Markets
Credit Quality Remains Solid

DETROIT/January 18, 2007— Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2006 earnings of $299 million, or $1.87 per diluted share, compared to $200 million, or $1.23 per diluted share, for the third quarter 2006 and $207 million, or $1.25 per diluted share, for the fourth quarter 2005. Fourth quarter 2006 results included an after-tax gain of $108 million ($0.68 per diluted share) from the sale of Comerica’s stake in Munder Capital Management (Munder), income of $47 million ($31 million after-tax, or $0.19 per diluted share) from the settlement of a Financial Services Division (FSD)-related lawsuit, and the net after-tax impact of a charge to tax and related interest reserves of $31 million, or $(0.19) per diluted share, discussed under “Tax-related items” below. Comerica reports Munder as a discontinued operation in all periods presented.

(dollar amounts in millions, except per share data)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income	$	502		$	502		$	500
Provision for loan losses		22			15			(20	)
Noninterest income		262			195			207
Noninterest expenses		457			399			469
Net income		299			200			207
Diluted EPS from continuing operations		1.16			1.20			1.04
Diluted EPS from discontinued operations		0.71			0.03			0.21
Diluted EPS		1.87			1.23			1.25
Return on average common shareholders’ equity		22.63	%		15.38	%		16.28	%
Net interest margin		3.75			3.79			4.00

Net income for 2006 was $893 million, or $5.49 per diluted share, compared to $861 million, or $5.11 per diluted share, for 2005. Net income from continuing operations for 2006 was $782 million, or $4.81 per diluted share, compared to $816 million, or $4.84 per diluted share, for 2005. Return on average common shareholders’ equity was 17.24 percent and return on average assets was 1.58 percent for 2006, compared to 16.90 percent and 1.64 percent, respectively, for 2005.

The following table illustrates certain items impacting diluted earnings per share from continuing operations:

							Full Year			Full Year
(dollar amounts per diluted share)	4th Qtr ’06			3rd Qtr ’06			2006			2005
FSD-related lawsuit settlement	$	0.19		$	—		$	0.19		$	—
Loss on sale of Mexican bank charter		—			(0.03	)		(0.05	)		—
Tax adjustments		(0.14	)		—			(0.04	)		—
Tax-related interest adjustments		(0.05	)		—			(0.13	)		—
Warrant accounting adjustments		—			—			—			0.06
Performance-based compensation related to Munder gain		(0.04	)		—			(0.04	)		—
Charitable Foundation contribution		(0.04	)		—			(0.04	)		(0.04	)

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 2

“Our financial performance in 2006 is the result of the successful execution of our strategy, which focuses on exporting our expertise to high-growth markets, and building and enhancing customer relationships. We opened 25 new banking centers in 2006, the majority of which are located in California and Texas,” said Ralph W. Babb Jr., chairman and chief executive officer. “Loan growth increased at a strong pace in our high-growth markets and credit quality remained solid. The loan and deposit environment continued to be competitive,” added Babb.

Fourth Quarter and Full Year 2006 Highlights

Fourth Quarter 2006 Compared to Third Quarter 2006

• On an annualized basis, excluding Financial Services Division loans, average loans increased five percent, led by growth of 10 percent in the Western market, 15 percent in the Texas market and 16 percent in the Florida market, with the Midwest & Other Markets down one percent

• The net interest margin was 3.75 percent in the fourth quarter 2006, a decrease of 4 basis points from 3.79 percent in the third quarter 2006.

• Total revenue (net interest income + noninterest income) increased $67 million, or 10 percent. Excluding income of $47 million from the settlement of a Financial Services Division-related lawsuit in the fourth quarter 2006, and excluding an incremental loss on the sale of the Mexican bank charter of $7 million in the third quarter 2006, total revenue increased $13 million, or two percent.

• Net credit-related charge-offs were $23 million, or 19 basis points as a percent of average total loans for the fourth quarter 2006, compared to 6 basis points for the third quarter 2006. In the fourth quarter, a decision was made to sell a $74 million portfolio of loans related to manufactured housing, located primarily in Michigan and Ohio. As a result, these loans were transferred to held for sale (classified as other short-term investments). A $9 million charge-off was made to reflect the estimated fair value of the loans.

• Noninterest expenses, excluding the provision for credit losses on lending-related commitments, increased $57 million over the third quarter 2006, primarily due to increases in salaries expense of $29 million (from higher incentives tied to performance, including the gain on the sale of Munder, contract labor costs associated with technology-related projects and increased severance), interest on tax liabilities of $14 million and a contribution of $10 million to the Comerica Charitable Foundation in the fourth quarter 2006. There was $11 million of incremental performance-based compensation related to the gain on the sale of Munder, $9 million of which was recorded in salaries expense. Employee levels from continuing operations (FTE) increased one percent from September 30, 2006 to December 31, 2006.

• The provision for income taxes increased due to an adjustment to tax reserves of $22 million (discussed under "Tax-related items" below).

• Open market share repurchases in the fourth quarter 2006 totaled 1.5 million shares, or one percent of total shares outstanding at September 30, 2006.

Full Year 2006 Compared to Full Year 2005

• Average loan growth, excluding Financial Services Division loans, was eight percent, with growth of 15 percent in the Western market, 19 percent in the Texas market, 25 percent in the Florida market and one percent in Midwest & Other Markets.

• The net interest margin was 3.79 percent in 2006, which was consistent with the 2006 outlook.

• Total revenue increased $63 million, or two percent, and net interest income increased one percent. Excluding income of $47 million from the settlement of a Financial Services Division-related lawsuit and the loss on the sale of the Mexican bank charter of $12 million in 2006, and a warrant accounting adjustment of $20 million in the third quarter of 2005, total revenue increased $48 million, or two percent.

• Net credit-related charge-offs as a percent of average total loans were 15 basis points for 2006, down from 26 basis points in 2005.

• The provision for loan losses was $37 million for 2006, compared to a negative $47 million for 2005. The provision for credit losses on lending-related commitments was $5 million for 2006, compared to $18 million for 2005.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 3

• Noninterest expenses, excluding the provision for credit losses on lending-related commitments, increased $74 million largely due to increases in salaries and employee benefits expense of $43 million (primarily explained by merit increases, the adoption of SFAS 123(R) for share-based compensation and higher pension expenses) and interest on tax liabilities of $27 million, partially offset by a decrease in customer services expense in the Financial Services Division of $22 million. Also included in noninterest expenses was an increase of $15 million related to new banking centers. Employee levels from continuing operations (FTE) increased less than one percent from the prior year-end.

• The provision for income taxes increased a net of $6 million due to adjustments in the first and fourth quarters (discussed under “Tax-related items” below).

• Open market share repurchases totaled 6.6 million shares.

Net Interest Income and Net Interest Margin in Line with Full-Year 2006 Outlook

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income	$	502		$	502		$	500
Net interest margin		3.75	%		3.79	%		4.00	%
Selected average balances:
Total earning assets	$	53,289		$	52,500		$	49,764
Total loans		48,568			48,125			45,249
Total loans, excluding FSD loans (primarily low-rate)		46,659			46,032			42,480
Total interest-bearing deposits		30,554			29,133			26,320
Total noninterest-bearing deposits		12,649			12,723			15,158
FSD noninterest-bearing deposits		3,953			4,079			5,866

• Net interest income in the fourth quarter 2006, when compared to the third quarter 2006, was relatively unchanged. The benefit of earning asset growth in the fourth quarter 2006 was offset by a small decline in noninterest-bearing deposits and funding loan growth with non-core deposits and purchased funds.

• The fourth quarter 2006 net interest margin reflected competitive deposit pricing, a change in the interest-bearing deposit mix toward higher cost deposits and loan growth in excess of deposit growth, partially offset by the positive impact of lower average Financial Services Division loans (primarily low-rate).

Noninterest Income Reflects Positive Trends in Fee Income

Noninterest income was $262 million for the fourth quarter 2006, compared to $195 million for the third quarter 2006 and $207 million for the fourth quarter 2005. The $67 million increase in noninterest income in the fourth quarter 2006, compared to the third quarter 2006, reflected income of $47 million from the settlement of a Financial Services Division-related lawsuit in the fourth quarter 2006, positive trends in several categories (particularly in investment banking and commercial lending fees) and a $7 million incremental loss recognized on the sale of the Mexican bank charter in the third quarter 2006. Certain categories of noninterest income are highlighted in the table below.

(in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Warrant income (loss)	$	(1	)	$	(5	)	$	2
Net loss on sales of businesses		—			(7	)		—
Income from lawsuit settlement		47			—			—
Other noninterest income
Investment banking fees		10			3			4

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 4

Noninterest Expenses Reflect Continued Investments and Include Unusual Items

Noninterest expenses were $457 million for the fourth quarter 2006, compared to $399 million for the third quarter 2006 and $469 million for the fourth quarter 2005. The $58 million increase in noninterest expenses in the fourth quarter 2006, compared to the third quarter 2006, reflected higher salaries expense of $29 million. The increase in salaries expense was due to incentives tied to performance, including the gain on the sale of Munder, contract labor costs associated with technology-related projects and increased severance. Also reflected in the increase in noninterest expenses was a charge of $14 million for interest on tax liabilities, discussed under “Tax-related items” below, and a Charitable Foundation contribution of $10 million. Net gains on the disposal of other real estate of $2 million in the fourth quarter 2006 and a decrease in employee benefits expense of $6 million, primarily due to decreased staff insurance expense, partially offset these increases.

Certain categories of noninterest expenses are highlighted in the table below.

(in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Salaries
Regular salaries	$	162		$	156		$	151
Severance		5			1			3
Incentives		52			32			47
Share-based compensation		12			13			11
Total salaries		231			202			212
Employee benefits		42			48			45
Customer services		14			11			19
Provision for credit losses on lending-related commitments		(4	)		(5	)		25
Other noninterest expenses							��
Interest on tax liabilities		15			2			3
Charitable Foundation contribution		10			—			10
Other real estate expense		(2	)		1			9
Redemption premium on trust preferred securities		3			—			—

Tax-related items

As previously disclosed in quarterly and annual SEC filings under the heading “Tax Contingency,” the examination staff with the Internal Revenue Service (IRS) disallowed the benefits related to a series of loans to foreign borrowers. Comerica has had ongoing settlement discussions with the IRS related to the disallowance. Based on such discussions, Comerica recorded a charge to its combined tax and related interest reserves for the disallowed loan benefits of $31 million after-tax in the fourth quarter 2006. Of the total, $22 million was included in the provision for income taxes and $14 million ($9 million after-tax) was for tax-related interest included in other noninterest expenses. Other adjustments to tax-related items affected both the first and second quarter 2006. In the first quarter 2006, federal taxes decreased $16 million and interest on tax liabilities increased $23 million ($15 million after tax) due to an updated assessment of reserves on structured lease transactions and a series of loans to foreign borrowers, and final resolution of all other matters from tax years 1996-2000. The second quarter 2006 interest on tax liabilities was reduced by $6 million ($4 million after tax) due to settlement of various refund claims with the IRS.

Munder Sale Closes

On December 29, 2006, Comerica completed the sale of its stake in Munder to an investor group and recognized an initial after-tax gain from the sale of $108 million, reflected in “income from discontinued operations, net of tax” on the consolidated statements of income. Comerica reports Munder as a discontinued operation in all periods presented; therefore, the after-tax earnings of Munder, including the gain from its sale, are reported as a single item at the bottom of the income statement. The following table summarizes significant items affecting income from discontinued operations, net of tax:

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 5

(in millions)	4th Qtr ’06		3rd Qtr ’06		4th Qtr ’05
Income from discontinued operations, net of tax:
Gain on sale of Munder	$	108	$	—	$	—
Gain on sale of Framlington		—		—		32
Operating net income		6		5		4
Total		114		5		36

Credit Quality Remained Solid

“Credit quality continued to be solid, particularly in the Western and Texas markets,” said Babb. “Credit quality in the Michigan market showed a slight deterioration in the fourth quarter. As the fourth quarter results demonstrate, we continue to manage our credit risk effectively, paying particular attention to our automotive and commercial real estate portfolios, which continue to perform well.”

• The provision for loan losses reflects the stress testing analysis of the automotive suppliers loan portfolio.

• In the fourth quarter, a decision was made to sell a $74 million portfolio of loans related to manufactured housing, located primarily in Michigan and Ohio. As a result, these loans were transferred to held for sale (classified as other short-term investments). A $9 million charge-off was made to reflect the estimated fair value of the loans.

• During the fourth quarter 2006, $66 million of loans greater than $2 million were transferred to nonaccrual status, an increase of $27 million from the third quarter 2006. While nonperforming assets increased by seven basis points of total loans compared to the third quarter 2006, the ratio remained at the low level of 49 basis points of total loans and other real estate.

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net loan charge-offs	$	22		$	3		$	22
Net lending-related commitment charge-offs		1			5			6
Total net credit-related charge-offs		23			8			28
Net loan charge-offs/Average total loans		0.18	%		0.02	%		0.20	%
Net credit-related charge-offs/Average total loans		0.19			0.06			0.25
Provision for loan losses	$	22		$	15		$	(20	)
Provision for credit losses on lending-related commitments		(4	)		(5	)		25
Total provision for credit losses		18			10			5
Nonperforming assets (NPAs)		232			197			162
NPAs/Total loans & other real estate		0.49	%		0.42	%		0.37	%
Allowance for loan losses	$	493		$	493		$	516
Allowance for credit losses on lending-related commitments*		26			31			33
Total allowance for credit losses		519			524			549
Allowance for loan losses/Total loans		1.04	%		1.06	%		1.19	%
Allowance for loan losses/NPAs		213			251			319

* Included in “Accrued expenses and other liabilities” on the consolidated balance sheets

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $58.0 billion and $5.2 billion, respectively, at December 31, 2006, compared to $58.5 billion and $5.2 billion, respectively, at September 30, 2006. Shareholders’ equity was reduced on December 31, 2006 by a $209 million after-tax charge associated with a new accounting standard (SFAS 158) on pension and post-retirement plan accounting. Based on the interim decision issued by the banking regulators, this charge was excluded from the calculation of regulatory capital ratios. There were approximately 158 million shares outstanding at December 31, 2006, compared to 159 million shares outstanding at September 30, 2006. Open market share repurchases for the current and prior quarter and full year 2006 are shown in the following table:

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 6

4th Qtr ’06

3rd Qtr ’06

Full Year 2006

Number

Number

Number

(in millions)

of Shares

Amount

of Shares

Amount

of Shares

Amount

Open market share repurchases

1.5

$

86

3.7

$

210

6.6

$

383

Comerica’s fourth quarter 2006 estimated tier 1 common, tier 1 and total risk-based capital ratios were 7.51 percent, 7.99 percent and 11.59 percent, respectively.

2007 Outlook

Comerica’s outlook for full-year 2007, compared to full-year 2006 (as reclassified for FIN 48, explained below), is as follows:

• High single-digit average loan growth, excluding Financial Services Division loans, with low single-digit growth in the Midwest market and low double-digit growth in the Western and Texas markets

• Financial Services Division noninterest-bearing deposits declining about 10 to 15 percent from the fourth quarter 2006 average of $4.0 billion. Financial Services Division loans of $1.9 billion in the fourth quarter 2006 will fluctuate in 2007 with the level of noninterest-bearing deposits

• Average full year net interest margin of about 3.75 percent

• Average net credit-related charge-offs of about 20 basis points of average loans, with a provision for credit losses modestly exceeding net charge-offs

• Low single-digit growth in noninterest income, excluding the Financial Services Division-related lawsuit settlement and the loss on sale of the Mexican bank charter in 2006

• Low single-digit growth in noninterest expenses, excluding the provision for credit losses on lending-related commitments, basing the increase on noninterest expenses in the table below

• Effective tax rate of about 32 percent

• Active capital management within targeted capital ratios (tier 1 common of 6.50 percent to 7.50 percent and tier 1 of 7.25 percent to 8.25 percent)

In the first quarter 2007, the Corporation will adopt the provisions of Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48). FIN 48 permits the Corporation to elect a change in its accounting policy related to classification of interest on tax liabilities in the consolidated statements of income. Effective January 1, 2007, the Corporation will change its policy and classify interest on tax liabilities in the provision for income taxes and will reclassify all prior periods presented. Upon adoption, the Corporation’s 2006 summarized statement of income from continuing operations will be as follows:

Statement of Income Adjusted for Adoption of FIN 48	Year Ended
(in millions)	December 31, 2006
Net interest income	$	1,983
Provision for loan losses		37
Noninterest income		855
Noninterest expenses		1,636
Income from continuing operations before income taxes		1,165
Provision for income taxes		383
Income from continuing operations	$	782

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 7

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 December 31, 2006 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2006 results compared to third quarter 2006.

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

(dollar amounts in millions)	4th Qtr ’06					3rd Qtr ’06					4th Qtr ’05
Business Bank	$	157		82	%	$	145		74	%	$	136		81	%
Retail Bank		25		13			36		18			29		18
Wealth & Institutional Management		10		5			15		8			2		1
		192		100	%		196		100	%		167		100	%
Finance		(5	)				(5	)				(4	)
Other*		112					9					44
Total	$	299				$	200				$	207

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

Business Bank

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	335		$	332		$	337
Provision for loan losses		15			15			(31	)
Noninterest income		116			55			71
Noninterest expenses		185			166			226
Net income		157			145			136
Net credit-related charge-offs		6			2			21
Selected average balances:
Assets		39,897			39,722			37,166
Loans		38,766			38,473			35,849
FSD loans		1,909			2,093			2,769
Deposits		17,111			17,183			20,578
FSD deposits		5,291			5,544			8,479
Net interest margin		3.43	%		3.41	%		3.76	%

• Average loans increased $293 million, or three percent on an annualized basis. Excluding the $184 million decline in Financial Services Division, average loans increased $477 million, or five percent on an annualized basis, primarily due to growth in the Middle Market, Global Corporate Banking, National Dealer Services and Technology and Life Sciences businesses.

• Average deposits increased $181 million, excluding the $253 million decline in the Financial Services Division.

• Net interest income increased $3 million, primarily due to an increase in loans.

• The provision for loan losses reflects the stress testing analysis of the automotive suppliers loan portfolio.

• Noninterest income increased $61 million, primarily due to income of $47 million in the fourth quarter 2006 from the settlement of a Financial Services Division-related lawsuit, a $7 million increase in investment banking fees, and a $7 million incremental loss recognized on the sale of the Mexican bank charter in the third quarter 2006.

• Noninterest expenses increased $19 million primarily due to increases in net corporate overhead expenses, incentive compensation and a slowing in credit improvements reflected in the provision for credit losses on lending-related commitments. The increase in net corporate overhead resulted primarily from increased tax-related interest and a charitable foundation contribution.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 8

Retail Bank

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	159		$	160		$	156
Provision for loan losses		6			6			8
Noninterest income		53			53			51
Noninterest expenses		169			153			154
Net income		25			36			29
Net credit-related charge-offs		16			6			8
Selected average balances:
Assets		6,786			6,741			6,599
Loans		6,073			6,037			5,891
Deposits		16,968			16,742			16,778
Net interest margin		3.71	%		3.80	%		3.75	%

• The net interest margin of 3.71 percent decreased nine basis points, primarily due to a change in the deposit mix as customers moved from low cost deposits into higher cost deposits.

• Average loans increased $36 million, or two percent on an annualized basis.

• Average deposits increased $226 million, primarily due to an increase in customer certificates of deposit.

• The net credit-related charge-offs were impacted by $9 million from the previously mentioned decision to sell the manufactured housing portfolio.

• Noninterest expenses increased $16 million, primarily due to an increase in corporate overhead expenses for the same reasons noted in the Business Bank, as well as expenses related to salaries, advertising and new banking centers.

• Opened 11 new banking centers in high-growth markets in the fourth quarter 2006 and 25 in 2006.

Wealth and Institutional Management

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	36		$	37		$	39
Provision for loan losses		2			—			2
Noninterest income		67			64			63
Noninterest expenses		89			79			96
Net income		10			15			2
Net credit-related charge-offs		1			—			1
Selected average balances:
Assets		3,822			3,714			3,631
Loans		3,673			3,577			3,470
Deposits		2,351			2,327			2,557
Net interest margin		3.90	%		4.13	%		4.46	%

• The net interest margin of 3.90 percent declined 23 basis points, primarily due to declines in both loan and deposit spreads.

• Average loans increased $96 million, or 11 percent on an annualized basis.

• Average deposits increased $24 million.

• The provision for loan losses increased $2 million, primarily due to a decline in the credit quality of a specific customer in the fourth quarter.

• Noninterest expenses increased $10 million, partially due to an increase in net corporate overhead expenses for the same reasons noted in the Business Bank.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 9

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest & Other Markets, Western, Texas and Florida. The financial results below are based on methodologies in effect at December 31, 2006 and are presented on a FTE basis. The accompanying narrative addresses fourth quarter 2006 results compared to third quarter 2006.

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

(dollar amounts in millions)	4th Qtr ’06				3rd Qtr ’06				4th Qtr ’05
Midwest & Other Markets	$	88	46	%	$	111	57	%	$	83	50	%
Western		84	43			56	29			64	38
Texas		17	9			22	11			18	11
Florida		3	2			7	3			2	1
		192	100	%		196	100	%		167	100	%
Finance & Other*		107				4				40
Total	$	299			$	200			$	207

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

Midwest and Other Markets

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	270		$	274		$	272
Provision for loan losses		34			21			(16	)
Noninterest income		137			126			129
Noninterest expenses		252			227			288
Net income		88			111			83
Net credit-related charge-offs		23			5			27
Selected average balances:
Assets		25,165			25,286			24,799
Loans		24,010			24,043			23,512
Deposits		18,159			18,243			18,833
Net interest margin		4.44	%		4.49	%		4.55	%

• The net interest margin of 4.44 percent declined five basis points, primarily due to a decline in both loan and deposit spreads.

• Average loans declined $33 million and average deposits declined $84 million.

• The provision for loan losses reflects the stress testing analysis of the automotive suppliers loan portfolio. The increase in charge-offs was partially due to the decision to sell the manufactured housing portfolio which resulted in a $9 million charge-off.

• Noninterest income increased $11 million, primarily due to an increase in investment banking fees and an incremental loss of $7 million on the sale of the Mexican bank charter in the third quarter 2006.

• Noninterest expenses increased $25 million, primarily due to an increase in net corporate overhead expenses for the same reasons noted in the Business Bank, incentive compensation, and a slowing in credit quality improvements reflected in the provision for credit losses on lending-related commitments.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 10

Western Market

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	179		$	176		$	188
Provision for loan losses		(15	)		4			(4	)
Noninterest income		75			23			34
Noninterest expenses		122			108			124
Net income		84			56			64
Net credit-related charge-offs		(2	)		—			1
Selected average balances:
Assets		16,699			16,557			15,646
Loans		16,156			16,000			14,963
FSD loans		1,909			2,093			2,769
Deposits		14,168			14,005			17,048
FSD deposits		5,130			5,408			8,438
Net interest margin		4.38	%		4.37	%		4.37	%

• Average loans increased $156 million, or four percent on an annualized basis. Excluding the Financial Services Division, average loans increased $340 million, or 10 percent on an annualized basis, primarily due to growth in the Commercial Real Estate, Technology and Life Sciences, Private Banking, and National Dealer Services businesses.

• Average deposits increased $163 million. Excluding the Financial Services Division, average deposits increased $441 million, primarily due to growth in the Commercial Real Estate, Retail Bank, Technology and Life Sciences, Middle Market, and Global Corporate Banking businesses

• The provision for loan losses declined $19 million, primarily due to an improvement in credit quality trends.

• Noninterest income increased $52 million, primarily due to income of $47 million from the settlement of a Financial Services Division-related lawsuit in the fourth quarter 2006.

• Noninterest expenses increased $14 million, primarily due to an increase in net corporate overhead expenses for the same reasons noted in the Business Bank, as well as expenses related to salaries, incentive compensation and new banking centers.

Texas Market

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	69		$	67		$	62
Provision for loan losses		3			(1	)		(2	)
Noninterest income		20			19			19
Noninterest expenses		59			54			55
Net income		17			22			18
Total net credit-related charge-offs		2			3			(1	)
Selected average balances:
Assets		6,704			6,475			5,451
Loans		6,429			6,202			5,251
Deposits		3,811			3,691			3,718
Net interest margin		4.26	%		4.28	%		4.73	%

• Average loans increased $227 million, or 15 percent on an annualized basis, primarily due to growth in the Commercial Real Estate, National Dealer Services, Small Business, and Energy Lending businesses.

• Average deposits increased $120 million, primarily due to growth in customer certificates of deposit and increases in commercial noninterest-bearing deposit balances.

• The provision for loan losses increased $4 million, from a negative provision in the prior quarter.

• Non-interest expenses increased $5 million, primarily due to an increase in net corporate overhead expenses for the same reasons noted in the Business Bank, as well as expenses related to new banking centers.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 11

Florida Market

(dollar amounts in millions)	4th Qtr ’06			3rd Qtr ’06			4th Qtr ’05
Net interest income (FTE)	$	12		$	12		$	10
Provision for loan losses		1			(3	)		1
Noninterest income		4			4			3
Noninterest expenses		10			9			9
Net income		3			7			2
Net credit-related charge-offs		—			—			3
Selected average balances:
Assets		1,937			1,859			1,500
Loans		1,917			1,842			1,484
Deposits		292			313			314
Net interest margin		2.63	%		2.63	%		2.70	%

• Average loans increased $75 million, or 16 percent on an annualized basis.

• Average deposits decreased $21 million.

• The provision for loan losses increased $4 million, from a negative provision in the prior quarter.

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter and full year 2006 financial results at 8 a.m. ET Thursday, January 18, 2007. Interested parties may access the conference call by calling (706) 679-5261 (event ID No. 4709098). 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 for a period of one year. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 4709098). 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 Detroit, strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico.

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COMERICA REPORTS FOURTH QUARTER AND 2006 EARNINGS – 12

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, 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 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, 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, automotive production, 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 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. 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

Media Contact:	Investor Contacts:
Wayne J. Mielke	Darlene P. Persons
(313) 222-4732	(313) 222-2840
	Paul Jaremski
	(313) 222-6317

CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries

	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
(in millions, except per share data)	2006			2006			2005			2006			2005
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing operations	$	1.16		$	1.20		$	1.04		$	4.81		$	4.84
Diluted net income		1.87			1.23			1.25			5.49			5.11
Cash dividends declared		0.59			0.59			0.55			2.36			2.20
Common shareholders’ equity (at period end)		32.70			32.79			31.11
Average diluted shares (in thousands)		160,063			162,438			165,738			162,488			168,685
KEY RATIOS
Return on average common shareholders’ equity		22.63	%		15.38	%		16.28	%		17.24	%		16.90	%
Return on average assets		2.07			1.41			1.53			1.58			1.64
Average common shareholders’ equity as a percentage of average assets		9.16			9.16			9.42			9.15			9.71
Tier 1 common capital ratio *		7.51			7.48			7.78
Tier 1 risk-based capital ratio *		7.99			8.04			8.38
Total risk-based capital ratio *		11.59			11.25			11.65
Leverage ratio *		9.74			9.68			9.97
AVERAGE BALANCES
Commercial loans	$	27,609		$	27,534		$	25,666		$	27,341		$	24,575
Real estate construction loans		4,204			4,064			3,416			3,905			3,194
Commercial mortgage loans		9,515			9,362			8,799			9,278			8,566
Residential mortgage loans		1,647			1,602			1,465			1,570			1,388
Consumer loans		2,468			2,474			2,675			2,533			2,696
Lease financing		1,335			1,323			1,288			1,314			1,283
International loans		1,790			1,766			1,940			1,809			2,114
Total loans		48,568			48,125			45,249			47,750			43,816
Earning assets		53,289			52,500			49,764			52,291			48,232
Total assets		57,612			56,790			54,130			56,579			52,506
Interest-bearing deposits		30,554			29,133			26,320			28,939			25,633
Total interest-bearing liabilities		38,334			37,555			32,683			37,000			31,270
Noninterest-bearing deposits		12,649			12,723			15,158			13,135			15,007
Common shareholders’ equity		5,280			5,203			5,101			5,176			5,097
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)	$	503		$	502		$	501		$	1,986		$	1,960
Fully taxable equivalent adjustment		1			—			1			3			4
Net interest margin		3.75	%		3.79	%		4.00	%		3.79	%		4.06	%
CREDIT QUALITY
Nonaccrual loans	$	214		$	174		$	138
Other real estate		18			23			24
Total nonperforming assets		232			197			162
Loans 90 days past due and still accruing		14			18			16
Gross loan charge-offs		31			17			38		$	98		$	174
Recoveries		9			14			16			38			64
Net loan charge-offs		22			3			22			60			110
Lending-related commitment charge-offs		1			5			6			12			6
Total net credit-related charge-offs		23			8			28			72			116
Allowance for loan losses		493			493			516
Allowance for credit losses on lending-related commitments		26			31			33
Total allowance for credit losses		519			524			549
Allowance for loan losses as a percentage of total loans		1.04	%		1.06	%		1.19	%
Net loan charge-offs as a percentage of average total loans		0.18			0.02			0.20			0.13	%		0.25	%
Net credit-related charge-offs as a percentage of average total loans		0.19			0.06			0.25			0.15			0.26
Nonperforming assets as a percentage of total loans and other real estate		0.49			0.42			0.37
Allowance for loan losses as a percentage of total nonperforming assets		213			251			319

* December 31, 2006 ratios are estimated

-13-

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	December 31,			September 30,			December 31,
(in millions, except share data)	2006			2006			2005
ASSETS
Cash and due from banks	$	1,434		$	1,456		$	1,609
Federal funds sold and securities purchased under agreements to resell		2,632			3,473			937
Other short-term investments		327			259			222
Investment securities available-for-sale		3,662			3,931			4,240
Commercial loans		26,265			25,755			23,545
Real estate construction loans		4,203			4,122			3,482
Commercial mortgage loans		9,659			9,485			8,867
Residential mortgage loans		1,677			1,622			1,485
Consumer loans		2,423			2,498			2,697
Lease financing		1,353			1,321			1,295
International loans		1,851			1,712			1,876
Total loans		47,431			46,515			43,247
Less allowance for loan losses		(493	)		(493	)		(516	)
Net loans		46,938			46,022			42,731
Premises and equipment		568			540			510
Customers’ liability on acceptances outstanding		56			64			59
Accrued income and other assets		2,384			2,729			2,705
Total assets	$	58,001		$	58,474		$	53,013
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	13,901		$	15,132		$	15,666
Money market and NOW deposits		15,250			14,711			17,064
Savings deposits		1,365			1,378			1,454
Customer certificates of deposit		7,223			7,057			5,679
Institutional certificates of deposit		5,783			5,783			1,750
Foreign office time deposits		1,405			869			818
Total interest-bearing deposits		31,026			29,798			26,765
Total deposits		44,927			44,930			42,431
Short-term borrowings		635			225			302
Acceptances outstanding		56			64			59
Accrued expenses and other liabilities		1,281			1,292			1,192
Medium- and long-term debt		5,949			6,755			3,961
Total liabilities		52,848			53,266			47,945
Common stock — $5 par value:
Authorized - 325,000,000 shares Issued - 178,735,252 shares at 12/31/06, 9/30/06, and 12/31/05		894			894			894
Capital surplus		520			507			461
Accumulated other comprehensive loss		(324	)		(128	)		(170	)
Retained earnings		5,282			5,079			4,796
Less cost of common stock in treasury - 21,161,161 shares at 12/31/06, 19,892,137 shares at 9/30/06, and 15,834,985 shares at 12/31/05		(1,219	)		(1,144	)		(913	)
Total shareholders’ equity		5,153			5,208			5,068
Total liabilities and shareholders’ equity	$	58,001		$	58,474		$	53,013

-14-

CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Three Months Ended						Years Ended
	December 31,						December 31,
(in millions, except per share data)	2006			2005			2006			2005
INTEREST INCOME
Interest and fees on loans	$	858		$	697		$	3,216		$	2,554
Interest on investment securities		42			41			174			148
Interest on short-term investments		12			6			32			24
Total interest income		912			744			3,422			2,726
INTEREST EXPENSE
Interest on deposits		298			171			1,005			548
Interest on short-term borrowings		15			24			130			52
Interest on medium- and long-term debt		97			49			304			170
Total interest expense		410			244			1,439			770
Net interest income		502			500			1,983			1,956
Provision for loan losses		22			(20	)		37			(47	)
Net interest income after provision for loan losses		480			520			1,946			2,003
NONINTEREST INCOME
Service charges on deposit accounts		54			55			218			218
Fiduciary income		47			43			180			174
Commercial lending fees		19			19			65			63
Letter of credit fees		16			14			64			70
Foreign exchange income		10			10			38			37
Brokerage fees		10			9			40			36
Card fees		12			11			46			39
Bank-owned life insurance		9			10			40			38
Warrant income (loss)		(1	)		2			(1	)		9
Net securities gains		1			—			—			—
Net gain (loss) on sales of businesses		—			—			(12	)		1
Income from lawsuit settlement		47			—			47			—
Other noninterest income		38			34			130			134
Total noninterest income		262			207			855			819
NONINTEREST EXPENSES
Salaries		231			212			823			786
Employee benefits		42			45			184			178
Total salaries and employee benefits		273			257			1,007			964
Net occupancy expense		34			30			125			118
Equipment expense		14			14			55			53
Outside processing fee expense		21			21			85			77
Software expense		15			14			56			49
Customer services		14			19			47			69
Litigation and operational losses		4			6			11			14
Provision for credit losses on lending-related commitments		(4	)		25			5			18
Other noninterest expenses		86			83			283			251
Total noninterest expenses		457			469			1,674			1,613
Income from continuing operations before income taxes		285			258			1,127			1,209
Provision for income taxes		100			87			345			393
Income from continuing operations		185			171			782			816
Income from discontinued operations, net of tax		114			36			111			45
NET INCOME	$	299		$	207		$	893		$	861
Basic earnings per common share:
Income from continuing operations	$	1.17		$	1.05		$	4.88		$	4.90
Net income		1.89			1.27			5.57			5.17
Diluted earnings per common share:
Income from continuing operations		1.16			1.04			4.81			4.84
Net income		1.87			1.25			5.49			5.11
Cash dividends declared on common stock		94			90			380			367
Dividends per common share		0.59			0.55			2.36			2.20

-15-

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Fourth			Third			Second		First			Fourth			Fourth Quarter 2006 Compared To:
	Quarter			Quarter			Quarter		Quarter			Quarter			Third Quarter 2006						Fourth Quarter 2005
(in millions, except per share data)	2006			2006			2006		2006			2005			Amount			Percent			Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	858		$	843		$	792	$	723		$	697		$	15			1.8	%	$	161			23.0	%
Interest on investment securities		42			43			45		44			41			(1	)		(1.2	)		1			2.6
Interest on short-term investments		12			7			8		5			6			5			77.5			6			92.0
Total interest income		912			893			845		772			744			19			2.2			168			22.5
INTEREST EXPENSE
Interest on deposits		298			272			236		199			171			26			9.7			127			73.4
Interest on short-term borrowings		15			28			45		42			24			(13	)		(50.3	)		(9	)		(41.5	)
Interest on medium- and long-term debt		97			91			64		52			49			6			7.4			48			102.5
Total interest expense		410			391			345		293			244			19			4.8			166			67.8
Net interest income		502			502			500		479			500			—			0.2			2			0.4
Provision for loan losses		22			15			27		(27	)		(20	)		7			N/M			42			N/M
Net interest income after provision for loan losses		480			487			473		506			520			(7	)		(1.2	)		(40	)		(7.6	)
NONINTEREST INCOME
Service charges on deposit accounts		54			56			54		54			55			(2	)		(2.6	)		(1	)		(1.0	)
Fiduciary income		47			45			44		44			43			2			5.3			4			9.0
Commercial lending fees		19			16			15		15			19			3			25.5			—			0.4
Letter of credit fees		16			17			15		16			14			(1	)		(3.1	)		2			19.4
Foreign exchange income		10			9			9		10			10			1			8.1			—			3.1
Brokerage fees		10			10			10		10			9			—			4.3			1			11.2
Card fees		12			11			12		11			11			1			2.2			1			7.7
Bank-owned life insurance		9			8			10		13			10			1			2.1			(1	)		(11.0	)
Warrant income (loss)		(1	)		(5	)		4		1			2			4			N/M			(3	)		N/M
Net securities gains (losses)		1			—			1		(2	)		—			1			N/M			1			N/M
Net loss on sales of businesses		—			(7	)		—		(5	)		—			7			N/M			—			—
Income from lawsuit settlement		47			—			—		—			—			47			N/M			47			N/M
Other noninterest income		38			35			29		28			34			3			11.3			4			11.3
Total noninterest income		262			195			203		195			207			67			34.2			55			26.9
NONINTEREST EXPENSES
Salaries		231			202			197		193			212			29			13.9			19			8.9
Employee benefits		42			48			44		50			45			(6	)		(9.5	)		(3	)		(5.2	)
Total salaries and employee benefits		273			250			241		243			257			23			9.4			16			6.4
Net occupancy expense		34			31			30		30			30			3			6.8			4			12.2
Equipment expense		14			13			15		13			14			1			3.2			—			4.9
Outside processing fee expense		21			21			22		21			21			—			2.9			—			0.9
Software expense		15			13			14		14			14			2			11.6			1			7.4
Customer services		14			11			9		13			19			3			17.1			(5	)		(31.9	)
Litigation and operational losses		4			3			3		1			6			1			96.7			(2	)		(11.8	)
Provision for credit losses on lending-related commitments		(4	)		(5	)		1		13			25			1			N/M			(29	)		N/M
Other noninterest expenses		86			62			54		81			83			24			41.2			3			3.4
Total noninterest expenses		457			399			389		429			469			58			14.8			(12	)		(2.3	)
Income from continuing operations before income taxes		285			283			287		272			258			2			0.6			27			10.2
Provision for income taxes		100			88			92		65			87			12			13.3			13			15.1
Income from continuing operations		185			195			195		207			171			(10	)		(5.1	)		14			7.7
Income (loss) from discontinued operations, net of tax		114			5			5		(13	)		36			109			N/M			78			N/M
NET INCOME	$	299		$	200		$	200	$	194		$	207		$	99			49.3	%	$	92			43.9	%
Basic earnings per common share:
Income from continuing operations	$	1.17		$	1.22		$	1.21	$	1.28		$	1.05		$	(0.05	)		(4.1	)%	$	0.12			11.4	%
Net income		1.89			1.25			1.24		1.20			1.27			0.64			51.2			0.62			48.8
Diluted earnings per common share:
Income from continuing operations		1.16			1.20			1.19		1.26			1.04			(0.04	)		(3.3	)		0.12			11.5
Net income		1.87			1.23			1.22		1.18			1.25			0.64			52.0			0.62			49.6
Cash dividends declared on common stock		94			94			96		96			90			—			(1.2	)		4			3.9
Dividends per common share		0.59			0.59			0.59		0.59			0.55			—			—			0.04			7.3

N/M — Not meaningful

-16-

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries

	2006												2005
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	493		$	481		$	472		$	516		$	558
Loan charge-offs:
Commercial		7			9			16			12			14
Real estate construction:
Real estate construction business line		—			—			—			—			1
Other		—			—			—			—			—
Total real estate construction		—			—			—			—			1
Commercial mortgage:
Commercial real estate business line		3			1			—			—			—
Other		4			4			3			2			1
Total commercial mortgage		7			5			3			2			1
Residential mortgage		—			—			—			—			1
Consumer		13			3			4			3			3
Lease financing		3			—			1			6			18
International		1			—			1			2			—
Total loan charge-offs		31			17			25			25			38
Recoveries on loans previously charged-off:
Commercial		5			13			5			4			13
Real estate construction		—			—			—			—			—
Commercial mortgage		1			1			—			2			1
Residential mortgage		—			—			—			—			—
Consumer		1			—			1			1			2
Lease financing		—			—			—			—			—
International		2			—			1			1			—
Total recoveries		9			14			7			8			16
Net loan charge-offs		22			3			18			17			22
Provision for loan losses		22			15			27			(27	)		(20	)
Balance at end of period	$	493		$	493		$	481		$	472		$	516
Allowance for loan losses as a percentage of total loans		1.04	%		1.06	%		1.04	%		1.06	%		1.19	%
Net loan charge-offs as a percentage of average total loans		0.18			0.02			0.15			0.14			0.20
Net credit-related charge-offs as a percentage of average total loans		0.19			0.06			0.16			0.19			0.25

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

	2006										2005
(in millions)	4th Qtr			3rd Qtr			2nd Qtr		1st Qtr		4th Qtr
Balance at beginning of period	$	31		$	41		$	41	$	33	$	14
Charge-offs on lending-related commitments (1)		1			5			1		5		6
Provision for credit losses on lending-related commitments		(4	)		(5	)		1		13		25
Balance at end of period	$	26		$	31		$	41	$	41	$	33
Unfunded lending-related commitments sold	$	20		$	28		$	14	$	52	$	20

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

-17-

NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries

	2006												2005
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	97		$	83		$	74		$	53		$	65
Real estate construction:
Real estate construction business line		18			4			5			2			3
Other		2			—			—			—			—
Total real estate construction		20			4			5			2			3
Commercial mortgage:
Commercial real estate business line		18			10			11			11			6
Other		54			46			35			29			29
Total commercial mortgage		72			56			46			40			35
Residential mortgage		1			1			1			1			2
Consumer		4			5			3			2			2
Lease financing		8			12			12			7			13
International		12			13			16			17			18
Total nonaccrual loans		214			174			157			122			138
Reduced-rate loans		—			—			—			—			—
Total nonperforming loans		214			174			157			122			138
Other real estate		18			23			17			19			24
Total nonperforming assets	$	232		$	197		$	174		$	141		$	162
Nonperforming loans as a percentage of total loans		0.45	%		0.37	%		0.34	%		0.27	%		0.32	%
Nonperforming assets as a percentage of total loans and other real estate		0.49			0.42			0.37			0.32			0.37
Allowance for loan losses as a percentage of total nonperforming assets		213			251			278			334			319
Loans past due 90 days or more and still accruing	$	14		$	18		$	15		$	16		$	16
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	174		$	157		$	122		$	138		$	186
Loans transferred to nonaccrual (1)		66			39			51			20			28
Nonaccrual business loan gross charge-offs (2)		(16	)		(14	)		(21	)		(21	)		(34	)
Loans transferred to accrual status (1)		—			—			—			—			(11	)
Nonaccrual business loans sold (3)		—			—			—			(9	)		(4	)
Payments/Other (4)		(10	)		(8	)		5			(6	)		(27	)
Nonaccrual loans at end of period	$	214		$	174		$	157		$	122		$	138
(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	$	16		$	14		$	21		$	21		$	34
Performing watch list loans		2			—			—			1			—
Consumer and residential mortgage loans		13			3			4			3			4
Total gross loan charge-offs	$	31		$	17		$	25		$	25		$	38
(3) Analysis of loans sold:
Nonaccrual business loans	$	—		$	—		$	—		$	9		$	4
Performing watch list loans		25			7			15			30			15
Total loans sold	$	25		$	7		$	15		$	39		$	19
(4) Net change related to nonaccrual loans with balances less than $2 million, other than business loan gross charge-offs       and nonaccrual loans sold, are included in Payments/Other.

-18-

ANALYSIS OF NET INTEREST INCOME (FTE)

Comerica Incorporated and Subsidiaries

	Three Months Ended
	December 31, 2006									September 30, 2006									December 31, 2005
	Average						Average			Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2)	$	27,609		$	502			7.21	%	$	27,534		$	498			7.18	%	$	25,666		$	387			5.99	%
Real estate construction loans		4,204			92			8.72			4,064			90			8.79			3,416			68			7.94
Commercial mortgage loans (1)		9,515			178			7.43			9,362			175			7.42			8,799			149			6.70
Residential mortgage loans		1,647			25			6.11			1,602			24			6.08			1,465			22			5.87
Consumer loans		2,468			46			7.34			2,474			45			7.32			2,675			43			6.45
Lease financing		1,335			13			3.88			1,323			13			4.00			1,288			13			4.08
International loans		1,790			33			7.25			1,766			33			7.35			1,940			32			6.52
Business loan swap expense		—			(30	)		—			—			(35	)		—			—			(16	)		—
Total loans (2)		48,568			859			7.02			48,125			843			6.96			45,249			698			6.13
Investment securities available-for-sale		3,842			42			4.27			3,887			43			4.22			4,037			41			3.97
Federal funds sold and securities purchased under agreements to resell		325			4			5.38			282			4			5.39			317			3			4.26
Other short-term investments		554			8			5.80			206			3			6.23			161			3			7.70
Total earning assets		53,289			913			6.79			52,500			893			6.74			49,764			745			5.94
Cash and due from banks		1,460									1,561									1,757
Allowance for loan losses		(504	)								(495	)								(562	)
Accrued income and other assets		3,367									3,224									3,171
Total assets	$	57,612								$	56,790								$	54,130
Money market and NOW deposits (1)	$	14,705			117			3.15		$	14,885			116			3.07		$	17,152			102			2.36
Savings deposits (1)		1,376			3			0.90			1,434			3			0.87			1,502			1			0.61
Customer certificates of deposit (1)		7,191			80			4.39			6,710			70			4.17			5,582			45			3.18
Institutional certificates of deposit		5,783			79			5.44			5,180			72			5.45			1,141			12			4.16
Foreign office time deposits		1,499			19			5.06			924			11			4.96			943			11			4.46
Total interest-bearing deposits		30,554			298			3.87			29,133			272			3.70			26,320			171			2.59
Short-term borrowings		1,053			15			5.30			2,125			28			5.29			2,350			24			4.06
Medium- and long-term debt		6,727			97			5.76			6,297			91			5.73			4,013			49			4.77
Total interest-bearing sources		38,334			410			4.24			37,555			391			4.13			32,683			244			2.96
Noninterest-bearing deposits (1)		12,649									12,723									15,158
Accrued expenses and other liabilities		1,349									1,309									1,188
Common shareholders’ equity		5,280									5,203									5,101
Total liabilities and shareholders’ equity	$	57,612								$	56,790								$	54,130
Net interest income/rate spread (FTE)				$	503			2.55					$	502			2.61					$	501			2.98
FTE adjustment				$	1								$	—								$	1
Impact of net noninterest-bearing sources of funds								1.20									1.18									1.02
Net interest margin (as a percentage of average earning assets) (FTE) (2)								3.75	%								3.79	%								4.00	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	1,909		$	3			0.66	%	$	2,093		$	3			0.64	%	$	2,769		$	3			0.38	%
Interest-bearing deposits		1,338			13			3.94			1,465			15			3.95			2,613			22			3.38
Noninterest-bearing deposits		3,953									4,079									5,866
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans								(0.49	)%								(0.54	)%								(0.68	)%
Total loans								(0.25	)								(0.28	)								(0.37	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.11	)								(0.14	)								(0.22	)

-19-

ANALYSIS OF NET INTEREST INCOME (FTE)

Comerica Incorporated and Subsidiaries

	Years Ended
	December 31, 2006									December 31, 2005
	Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2) (3)	$	27,341		$	1,877			6.87	%	$	24,575		$	1,381			5.62	%
Real estate construction loans		3,905			336			8.61			3,194			231			7.23
Commercial mortgage loans (1)		9,278			675			7.27			8,566			534			6.23
Residential mortgage loans		1,570			95			6.02			1,388			80			5.74
Consumer loans		2,533			181			7.13			2,696			159			5.89
Lease financing		1,314			52			4.00			1,283			49			3.81
International loans		1,809			127			7.01			2,114			126			5.98
Business loan swap expense		—			(124	)		—			—			(2	)		—
Total loans (2) (3)		47,750			3,219			6.74			43,816			2,558			5.84
Investment securities available-for-sale		3,992			174			4.22			3,861			148			3.76
Federal funds sold and securities purchased under agreements to resell		283			14			5.15			390			12			3.29
Other short-term investments		266			18			6.69			165			12			7.22
Total earning assets		52,291			3,425			6.53			48,232			2,730			5.65
Cash and due from banks		1,557									1,721
Allowance for loan losses		(499	)								(623	)
Accrued income and other assets		3,230									3,176
Total assets	$	56,579								$	52,506
Money market and NOW deposits (1)	$	15,373			443			2.88		$	17,282			337			1.95
Savings deposits (1)		1,441			11			0.79			1,545			7			0.49
Customer certificates of deposit (1)		6,505			261			4.01			5,418			148			2.73
Institutional certificates of deposit		4,489			235			5.23			511			19			3.72
Foreign office time deposits		1,131			55			4.82			877			37			4.18
Total interest-bearing deposits		28,939			1,005			3.47			25,633			548			2.14
Short-term borrowings		2,654			130			4.89			1,451			52			3.59
Medium- and long-term debt		5,407			304			5.63			4,186			170			4.05
Total interest-bearing sources		37,000			1,439			3.89			31,270			770			2.46
Noninterest-bearing deposits (1)		13,135									15,007
Accrued expenses and other liabilities		1,268									1,132
Common shareholders’ equity		5,176									5,097
Total liabilities and shareholders’ equity	$	56,579								$	52,506
Net interest income/rate spread (FTE)				$	1,986			2.64					$	1,960			3.19
FTE adjustment				$	3								$	4
Impact of net noninterest-bearing
sources of funds								1.15									0.87
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)								3.79	%								4.06	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	2,363		$	13			0.57	%	$	1,893		$	8			0.45	%
Interest-bearing deposits		1,710			66			3.86			2,600			76			2.91
Noninterest-bearing deposits		4,374									5,851
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans								(0.59	)%								(0.43	)%
Total loans								(0.32	)								(0.24	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.16	)								(0.15	)
(3) Impact of 2005 warrant accounting change on the following:
Commercial loans													$	20			0.08	%
Total loans														20			0.05
Net interest margin (FTE)														20			0.04

-20-

CONSOLIDATED STATISTICAL DATA

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			June 30,			March 31,			December 31,
(in millions, except per share data)	2006			2006			2006			2006			2005
Commercial loans:
Floor plan	$	3,198		$	2,628		$	3,166		$	3,078		$	2,847
Other		23,067			23,127			22,762			21,660			20,698
Total commercial loans		26,265			25,755			25,928			24,738			23,545
Real estate construction loans:
Real estate construction business line		3,449			3,352			3,222			2,996			2,831
Other		754			770			736			683			651
Total real estate construction loans		4,203			4,122			3,958			3,679			3,482
Commercial mortgage loans:
Commercial real estate business line		1,534			1,529			1,537			1,483			1,450
Other		8,125			7,956			7,826			7,663			7,417
Total commercial mortgage loans		9,659			9,485			9,363			9,146			8,867
Residential mortgage loans		1,677			1,622			1,568			1,516			1,485
Consumer loans:
Home equity		1,591			1,668			1,740			1,748			1,775
Other consumer		832			830			753			859			922
Total consumer loans		2,423			2,498			2,493			2,607			2,697
Lease financing		1,353			1,321			1,325			1,292			1,295
International loans		1,851			1,712			1,764			1,761			1,876
Total loans	$	47,431		$	46,515		$	46,399		$	44,739		$	43,247
Goodwill	$	151		$	213		$	213		$	213		$	213
Loan servicing rights		14			15			16			17			19
Tier 1 common capital ratio*		7.51			7.48	%		7.69	%		7.66	%		7.78	%
Tier 1 risk-based capital ratio*		7.99			8.04			8.26			8.24			8.38
Total risk-based capital ratio *		11.59			11.25			11.55			11.68			11.65
Leverage ratio*		9.74			9.68			9.83			9.84			9.97
Book value per share	$	32.70		$	32.79		$	31.99		$	31.39		$	31.11
Market value per share for the quarter:
High	$	59.72		$	58.95		$	60.10		$	58.62		$	60.25
Low		55.82			51.45			50.12			54.23			53.60
Close		58.68			56.92			51.99			57.97			56.76
Quarterly ratios:
Return on average common shareholders’ equity		22.63	%		15.38	%		15.50	%		15.33	%		16.28	%
Return on average assets		2.07			1.41			1.41			1.41			1.53
Efficiency ratio		59.81			57.15			55.41			63.39			66.13
Number of banking offices		393			382			378			374			383
Number of employees — full time equivalent
Continuing operations		10,700			10,568			10,549			10,517			10,636
Discontinued operations		—			167			169			170			180

* December 31, 2006 ratios are estimated

-21-

PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated

	December 31,			September 30,			December 31,
(in millions, except share data)	2006			2006			2005
ASSETS
Cash and due from subsidiary bank	$	122		$	7		$	11
Short-term investments with subsidiary bank		246			294			264
Other short-term investments		92			88			—
Investment in subsidiaries, principally banks		5,586			5,719			5,587
Premises and equipment		4			4			3
Other assets		152			150			257
Total assets	$	6,202		$	6,262		$	6,122
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	$	806		$	807		$	813
Other liabilities		243			247			241
Total liabilities		1,049			1,054			1,054
Common stock — $5 par value:
Authorized - 325,000,000 shares Issued - 178,735,252 shares at 12/31/06, 9/30/06 and 12/31/05		894			894			894
Capital surplus		520			507			461
Accumulated other comprehensive loss		(324	)		(128	)		(170	)
Retained earnings		5,282			5,079			4,796
Less cost of common stock in treasury - 21,161,161 shares at 12/31/06, 19,892,137 shares at 9/30/06 and 15,834,985 shares at 12/31/05		(1,219	)		(1,144	)		(913	)
Total shareholders’ equity		5,153			5,208			5,068
Total liabilities and shareholders’ equity	$	6,202		$	6,262		$	6,122

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

									Accumulated
									Other									Total
	Common Stock					Capital			Comprehensive			Retained			Treasury			Shareholders’
(in millions, except per share data)	In Shares			Amount		Surplus			Loss			Earnings			Stock			Equity
BALANCE AT JANUARY 1, 2005		170.5		$	894	$	421		$	(69	)	$	4,331		$	(472	)	$	5,105
Net income		—			—		—			—			861			—			861
Other comprehensive loss, net of tax		—			—		—			(101	)		—			—			(101	)
Total comprehensive income																			760
Cash dividends declared on common stock ($2.20 per share)		—			—		—			—			(367	)		—			(367	)
Purchase of common stock		(9.0	)		—		—			—			—			(525	)		(525	)
Net issuance of common stock under employee stock plans		1.4			—		(4	)		—			(29	)		84			51
Recognition of share-based compensation expense		—			—		44			—			—			—			44
BALANCE AT DECEMBER 31, 2005		162.9		$	894	$	461		$	(170	)	$	4,796		$	(913	)	$	5,068
BALANCE AT JANUARY 1, 2006		162.9		$	894	$	461		$	(170	)	$	4,796		$	(913	)	$	5,068
Net income		—			—		—			—			893			—			893
Other comprehensive income, net of tax		—			—		—			55			—			—			55
Total comprehensive income																			948
Cash dividends declared on common stock ($2.36 per share)		—			—		—			—			(380	)		—			(380	)
Purchase of common stock		(6.7	)		—		—			—			—			(384	)		(384	)
Net issuance of common stock under employee stock plans		1.7			—		(15	)		—			(27	)		95			53
Recognition of share-based compensation expense		—			—		57			—			—			—			57
Employee deferred compensation obligations		(0.3	)		—		17			—			—			(17	)		—
SFAS 158 transition adjustment, net of tax		—			—		—			(209	)		—			—			(209	)
BALANCE AT DECEMBER 31, 2006		157.6		$	894	$	520		$	(324	)	$	5,282		$	(1,219	)	$	5,153

-22-

BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

(dollar amounts in millions)	Business Bank									Retail Bank									Wealth & Institutional Management
	December 31,			September 30,			December 31,			December 31,			September 30,			December 31,			December 31,			September 30,			December 31,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	335		$	332		$	337		$	159		$	160		$	156		$	36		$	37		$	39
Provision for loan losses		15			15			(31	)		6			6			8			2			—			2
Noninterest income		116			55			71			53			53			51			67			64			63
Noninterest expenses		185			166			226			169			153			154			89			79			96
Provision (benefit) for income taxes (FTE)		94			61			77			12			18			16			2			7			2
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—			—
Net income (loss)	$	157		$	145		$	136		$	25		$	36		$	29		$	10		$	15		$	2
Net credit-related charge-offs	$	6		$	2		$	21		$	16		$	6		$	8		$	1		$	—		$	1
Selected average balances:
Assets	$	39,897		$	39,722		$	37,166		$	6,786		$	6,741		$	6,599		$	3,822		$	3,714		$	3,631
Loans		38,766			38,473			35,849			6,073			6,037			5,891			3,673			3,577			3,470
Deposits		17,111			17,183			20,578			16,968			16,742			16,778			2,351			2,327			2,557
Liabilities		18,004			18,122			21,361			16,979			16,746			16,776			2,349			2,326			2,555
Attributed equity		2,749			2,639			2,585			831			825			826			309			295			319
Statistical data:
Return on average assets (1)		1.58	%		1.46	%		1.46	%		0.56	%		0.83	%		0.67	%		1.04	%		1.59	%		0.28	%
Return on average attributed equity		22.91			21.94			21.00			11.95			17.58			14.32			12.92			20.06			3.15
Net interest margin (2)		3.43			3.41			3.76			3.71			3.80			3.75			3.90			4.13			4.46
Efficiency ratio		41.08			42.81			55.23			79.92			71.81			74.05			86.16			77.98			94.40
	Finance									Other									Total
	December 31,			September 30,			December 31,			December 31,			September 30,			December 31,			December 31,			September 30,			December 31,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	(26	)	$	(28	)	$	(32	)	$	(1	)	$	1		$	1		$	503		$	502		$	501
Provision for loan losses		—			—			—			(1	)		(6	)		1			22			15			(20	)
Noninterest income		16			16			22			10			7			—			262			195			207
Noninterest expenses		6			—			1			8			1			(8	)		457			399			469
Provision (benefit) for income taxes (FTE)		(11	)		(7	)		(7	)		4			9			—			101			88			88
Income from discontinued operations, net of tax		—			—			—			114			5			36			114			5			36
Net income (loss)	$	(5	)	$	(5	)	$	(4	)	$	112		$	9		$	44		$	299		$	200		$	207
Net credit-related charge-offs	$	—		$	—		$	—		$	—		$	—		$	(2	)	$	23		$	8		$	28
Selected average balances:
Assets	$	5,727		$	5,277		$	5,482		$	1,380		$	1,336		$	1,252		$	57,612		$	56,790		$	54,130
Loans		25			18			(9	)		31			20			48			48,568			48,125			45,249
Deposits		6,817			5,682			1,615			(44	)		(78	)		(50	)		43,203			41,856			41,478
Liabilities		14,633			14,072			7,983			367			321			354			52,332			51,587			49,029
Attributed equity		568			496			469			823			948			902			5,280			5,203			5,101
Statistical data:
Return on average assets (1)		N/M			N/M			N/M			N/M			N/M			N/M			2.07	%		1.41	%		1.53	%
Return on average attributed equity		N/M			N/M			N/M			N/M			N/M			N/M			22.63			15.38			16.28
Net interest margin (2)		N/M			N/M			N/M			N/M			N/M			N/M			3.75			3.79			4.00
Efficiency ratio		N/M			N/M			N/M			N/M			N/M			N/M			59.81			57.15			66.13

(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

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MARKET SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

											��
(dollar amounts in millions)	Midwest & Other Markets									Western									Texas
	December 31,			September 30,			December 30,			December 31,			September 30,			December 30,			December 31,			September 30,			December 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	270		$	274		$	272		$	179		$	176		$	188		$	69		$	67		$	62
Provision for loan losses		34			21			(16	)		(15	)		4			(4	)		3			(1	)		(2	)
Noninterest income		137			126			129			75			23			34			20			19			19
Noninterest expenses		252			227			288			122			108			124			59			54			55
Provision (benefit) for income taxes (FTE)		33			41			46			63			31			38			10			11			10
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—			—
Net income (loss)	$	88		$	111		$	83		$	84		$	56		$	64		$	17		$	22		$	18
Net credit-related charge-offs	$	23		$	5		$	27		$	(2	)	$	—		$	1		$	2		$	3		$	(1	)
Selected average balances:
Assets	$	25,165		$	25,286		$	24,799		$	16,699		$	16,557		$	15,646		$	6,704		$	6,475		$	5,451
Loans		24,010			24,043			23,512			16,156			16,000			14,963			6,429			6,202			5,251
Deposits		18,159			18,243			18,833			14,168			14,005			17,048			3,811			3,691			3,718
Liabilities		19,007			19,095			19,571			14,205			14,075			17,090			3,824			3,707			3,719
Attributed equity		2,073			2,013			2,065			1,150			1,105			1,087			566			544			502
Statistical data:
Return on average assets (1)		1.40	%		1.75	%		1.34	%		2.00	%		1.35	%		1.41	%		1.03	%		1.39	%		1.38	%
Return on average attributed equity		17.02			21.99			16.07			29.05			20.24			23.55			12.18			16.51			14.92
Net interest margin (2)		4.44			4.49			4.55			4.38			4.37			4.37			4.26			4.28			4.73
Efficiency ratio		61.85			56.77			71.76			48.24			54.14			55.99			66.14			62.20			67.03
	Florida									Finance & Other Businesses									Total
	December 31,			September 30,			December 30,			December 31,			September 30,			December 30,			December 31,			September 30,			December 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	12		$	12		$	10		$	(27	)	$	(27	)	$	(31	)	$	503		$	502		$	501
Provision for loan losses		1			(3	)		1			(1	)		(6	)		1			22			15			(20	)
Noninterest income		4			4			3			26			23			22			262			195			207
Noninterest expenses		10			9			9			14			1			(7	)		457			399			469
Provision (benefit) for income taxes (FTE)		2			3			1			(7	)		2			(7	)		101			88			88
Income from discontinued operations, net of tax		—			—			—			114			5			36			114			5			36
Net income (loss)	$	3		$	7		$	2		$	107		$	4		$	40		$	299		$	200		$	207
Net credit-related charge-offs	$	—		$	—		$	3		$	—		$	—		$	(2	)	$	23		$	8		$	28
Selected average balances:
Assets	$	1,937		$	1,859		$	1,500		$	7,107		$	6,613		$	6,734		$	57,612		$	56,790		$	54,130
Loans		1,917			1,842			1,484			56			38			39			48,568			48,125			45,249
Deposits		292			313			314			6,773			5,604			1,565			43,203			41,856			41,478
Liabilities		296			317			312			15,000			14,393			8,337			52,332			51,587			49,029
Attributed equity		100			97			76			1,391			1,444			1,371			5,280			5,203			5,101
Statistical data:
Return on average assets (1)		0.67	%		1.46	%		0.56	%		N/M			N/M			N/M			2.07	%		1.41	%		1.53	%
Return on average attributed equity		13.04			27.91			11.07			N/M			N/M			N/M			22.63			15.38			16.28
Net interest margin (2)		2.63			2.63			2.70			N/M			N/M			N/M			3.75			3.79			4.00
Efficiency ratio		63.07			56.49			64.82			N/M			N/M			N/M			59.81			57.15			66.13

(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

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