8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): July 15, 2004

COMERICA INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-10706	38-1998421
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226

(Address of principal executive offices) (zip code)

(800) 521-1190

(Registrant’s telephone number, including area code)

TABLE OF CONTENTS

	ITEMS 9 and 12. REGULATION FD DISCLOSURE AND DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURE
Press Release dated July 15, 2004
Earnings Presentation Slides

ITEMS 9 and 12. REGULATION FD DISCLOSURE AND DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     The registrant today released its earnings for the quarter ended June 30, 2004. A copy of the press release and the presentation slides which will be discussed in the registrant’s webcast earnings call are attached hereto as Exhibits 99.1 and 99.2, respectively.

EXHIBITS

99.1       Press Release dated July 15, 2004

99.2       Earnings Presentation Slides

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

COMERICA INCORPORATED
By:	/s/ Jon W. Bilstrom
	Name:	Jon W. Bilstrom
	Title:	Executive Vice President - Governance, Regulatory Relations and Legal Affairs, and Secretary

July 15, 2004

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated July 15, 2004
99.2	Earnings Presentation Slides

EX-99.1

Exhibit 99.1

COMERICA REPORTS SECOND QUARTER 2004 EARNINGS

DETROIT/July 15, 2004 — Comerica Incorporated (NYSE: CMA) today reported second quarter 2004 earnings of $192 million, or $1.10 per diluted share, compared to $162 million, or $0.92 per diluted share, for the first quarter 2004 and $170 million, or $0.97 per diluted share, for the second quarter 2003.

(dollar amounts in millions)	2nd Qtr ’04			1st Qtr ’04			2nd Qtr ’03
Diluted EPS	$	1.10		$	0.92		$	0.97
Net Interest Income	$	448		$	445		$	493
Net Interest Margin		3.77	%		3.83	%		3.98	%
Provision for Loan Losses	$	20		$	65		$	111
Noninterest Income	$	228		$	220		$	226
Noninterest Expenses	$	372		$	369		$	360
Net Income	$	192		$	162		$	170
Return on Equity		15.35	%		12.71	%		13.51	%

“Our second quarter financial results reflect a strong focus on credit quality,” said Ralph W. Babb Jr., chairman, president and chief executive officer. “Consistent with improving credit trends, we reduced our allowance for loan losses, which contributed to higher earnings per share in the second quarter of 2004, compared to the last quarter. Credit line usage increased slightly in the second quarter and we saw higher activity levels in our core lending businesses.”

Net Interest Income
Net interest income was $448 million for the second quarter 2004, compared to $445 million for the first quarter 2004 and $493 million for the second quarter 2003. Average earning assets of $47.6 billion for the second quarter 2004 increased $817 million from the first quarter 2004, or two percent, primarily as a result of increases in average short-term investments ($606 million) and average total loans ($302 million). Average deposits of $40.9 billion for the second quarter 2004 increased $1.3 billion from the first quarter 2004, or three percent.

Net interest income increased $3 million, or less than one percent, from the first quarter 2004, primarily as a result of increased levels of average earning assets in the second quarter 2004. The net interest margin declined six basis points from the first quarter 2004, due to an increase in short-term liquidity caused by higher title and escrow deposits related to mortgage financing activity.

-more-

COMERICA REPORTS SECOND QUARTER 2004 EARNINGS — 2

Noninterest Income
Noninterest income was $228 million for the second quarter 2004, compared to $220 million for the first quarter 2004 and $226 million for the second quarter 2003. Noninterest income in the second quarter 2004 included a gain of $7 million on the sale of a portion of Comerica’s merchant card processing business and $5 million of net gains recognized on venture capital and private equity investments. Net securities gains were $1 million in the second quarter 2004, compared to $5 million for the first quarter 2004 and $29 million for the second quarter 2003.

Noninterest Expenses
Noninterest expenses were $372 million for the second quarter 2004, compared to $369 million for the first quarter 2004 and $360 million for the second quarter 2003.

Credit Quality

(dollar amounts in millions)	2nd Qtr ’04			1st Qtr ’04			2nd Qtr ’03
Net Charge-offs	$	56		$	70		$	110
Net Charge-offs/Average Total Loans		0.55	%		0.69	%		1.02	%
Provision for Loan Losses	$	20		$	65		$	111
Nonperforming Assets (NPAs)	$	430		$	522		$	581
NPAs/Total Loans, Other Real Estate & Nonaccrual Debt Securities		1.07	%		1.30	%		1.37	%
Allowance for Loan Losses	$	762		$	798		$	802
Allowance for Loan Losses/Total Loans		1.90	%		1.99	%		1.89	%
Allowance for Credit Losses on Lending-related Commitments*	$	28		$	32		$	33

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

During the second quarter of 2004, $63 million of loans greater than $2 million were transferred to nonaccrual status. Nonperforming assets were $430 million at June 30, 2004, a decrease of $92 million from March 31, 2004.

“The second quarter was highlighted by improvements in all credit metrics,” said Babb. “Net charge-offs of $56 million were at the lowest level in three years, and non-accrual and watch-list loans also declined, all of which resulted in a $36 million decrease in the allowance for loan losses.”

Balance Sheet and Capital Management
Total assets and common shareholders’ equity were $54.5 billion and $4.9 billion, respectively, at June 30, 2004, compared to $54.5 billion and $5.1 billion, respectively, at March 31, 2004. There were approximately 172 million shares outstanding at June 30, 2004, compared to approximately 173 million shares outstanding at March 31, 2004. In the second quarter of 2004, approximately 2.1 million shares were repurchased in the open market for $114 million. Comerica’s second quarter 2004 estimated tier 1 common, tier 1 and total risk-based capital ratios were 7.99 percent, 8.63 percent and 12.90 percent, respectively.

COMERICA REPORTS SECOND QUARTER 2004 EARNINGS — 3

Conference Call and Webcast
Comerica will host a conference call to review second quarter 2004 financial results at 8 a.m. ET Thursday, July 15, 2004. Interested parties may access the conference call by calling (706) 679-5261 (event ID No. 8071569). The call and supplemental financial information can be accessed via a Webcast at www.comerica.com. A replay of the conference call will be available approximately two hours following the call through Sunday, August 15, 2004. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 8071569). A replay of the Webcast can also be accessed at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Detroit, strategically aligned into three major lines of business: the Business Bank, Small Business and Personal Financial Services, and Wealth and Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. To receive e-mail alerts of breaking Comerica news, go to www.comerica.com/newsalerts.

Forward-looking Statement
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 “expect,” “believe,” “intend,” “estimate,” “project,” “may” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are predicated on management’s beliefs and assumptions 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, the Company’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, implementation of Comerica’s strategies and business models, management’s ability to maintain and expand customer relationships, changes in the accounting treatment of any particular item, the impact of regulatory examinations, changes in the businesses or industries in which Comerica has a concentration of loans, the anticipated performance of any new banking branches, the entry of new competitors in Comerica’s markets, changes in the level of fee income, and changes in general economic conditions and related credit and market conditions. 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 Contacts:	Investor Contacts:
Sharon R. McMurray	Helen L. Arsenault
(313) 222-4881	(313) 222-2840
Wayne J. Mielke	Judith M. Chavis
(313) 222-4732	(313) 222-6317

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)	2004			2004			2003			2004			2003
PER SHARE AND COMMON STOCK DATA
Diluted net income	$	1.10		$	0.92		$	0.97		$	2.02		$	1.97
Cash dividends declared		0.52			0.52			0.50			1.04			1.00
Common shareholders’ equity (at period end)		28.75			29.41			29.02
Average diluted shares (in thousands)		174,248			175,987			176,078			175,066			175,857
KEY RATIOS
Return on average common shareholders’ equity		15.35	%		12.71	%		13.51	%		14.02	%		13.81	%
Return on average assets		1.49			1.28			1.27			1.38			1.30
Average common shareholders’ equity as a percentage of average assets		9.70			10.04			9.38			9.87			9.41
Tier 1 common capital ratio *		7.99			8.00			7.61
Tier 1 risk-based capital ratio *		8.63			8.64			8.26
Total risk-based capital ratio *		12.90			12.60			12.30
Leverage ratio *		10.01			10.15			9.38
AVERAGE BALANCES
Commercial loans (1)	$	22,178		$	21,716		$	24,548		$	21,947		$	24,793
Real estate construction loans		3,253			3,354			3,603			3,303			3,581
Commercial mortgage loans		8,050			7,964			7,482			8,008			7,368
Residential mortgage loans (1)		1,209			1,226			1,186			1,217			1,174
Consumer loans (1)		2,653			2,626			2,439			2,640			2,447
Lease financing		1,271			1,291			1,278			1,281			1,284
International loans		2,115			2,250			2,695			2,182			2,727
Total loans	$	40,729		$	40,427		$	43,231		$	40,578		$	43,374
Earning assets		47,639			46,822			49,756			47,230			49,021
Total assets		51,593			50,738			53,969			51,165			53,311
Interest-bearing deposits		26,183			26,620			28,355			26,402			27,955
Total interest-bearing liabilities		31,011			31,726			34,081			31,368			33,843
Noninterest-bearing deposits		14,730			12,985			14,061			13,858			13,677
Common shareholders’ equity		5,003			5,096			5,061			5,049			5,016
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)	$	448		$	446		$	494		$	894		$	1,006
Fully taxable equivalent adjustment		—			1			1			1			2
Net interest margin		3.77	%		3.83	%		3.98	%		3.80	%		4.13	%
CREDIT QUALITY
Nonaccrual loans	$	404		$	489		$	559
Other real estate		26			32			18
Nonaccrual debt securities		—			1			4
Total nonperforming assets		430			522			581
Loans 90 days past due and still accruing		25			35			42
Gross charge-offs		76			84			117		$	160		$	217
Recoveries		20			14			7			34			11
Net charge-offs		56			70			110			126			206
Allowance for loan losses as a percentage of total loans		1.90	%		1.99	%		1.89	%
Net loans charged off as a percentage of average total loans		0.55			0.69			1.02			0.62	%		0.95	%
Nonperforming assets as a percentage of total loans, other real estate and nonaccrual debt securities		1.07			1.30			1.37
Allowance for loan losses as a percentage of total nonperforming assets		177			153			138
ADDITIONAL DATA
Goodwill	$	247		$	247		$	247
Core deposit intangible		—			1			2
Other intangibles		1			1			1
Loan servicing rights		19			18			14
Deferred mutual fund distribution costs		10			11			15
Amortization of intangibles		1			—			—		$	1		$	—

(1) Loans to individuals associated with commercial lending relationships were reclassified from commercial loans to residential mortgage loans and consumer loans in the second quarter of 2004. The impact on the three months ended March 31, 2004 was a decrease in average commercial loans of approximately $1.4 billion, offset by increases in average residential mortgage loans and consumer loans of approximately $0.4 billion and $1.0 billion, respectively. Other prior periods were also reclassified.

* June 30, 2004 ratios are estimated

-4-

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	June 30,			March 31,			December 31,			June 30,
(in millions , except share data)	2004			2004			2003			2003
ASSETS
Cash and due from banks	$	1,865		$	1,661		$	1,527		$	4,556
Short-term investments		5,977			5,734			4,013			4,162
Investment securities available-for-sale		4,332			4,639			4,489			5,196
Commercial loans		21,458			21,501			21,579			23,747
Real estate construction loans		3,282			3,243			3,397			3,578
Commercial mortgage loans		8,080			8,029			7,878			7,607
Residential mortgage loans		1,211			1,210			1,228			1,194
Consumer loans		2,672			2,626			2,610			2,456
Lease financing		1,266			1,268			1,301			1,275
International loans		2,130			2,135			2,309			2,607
Total loans		40,099			40,012			40,302			42,464
Less allowance for loan losses		(762	)		(798	)		(803	)		(802	)
Net loans		39,337			39,214			39,499			41,662
Premises and equipment		389			378			374			371
Customers’ liability on acceptances outstanding		44			27			27			29
Accrued income and other assets		2,599			2,815			2,663			2,751
Total assets	$	54,543		$	54,468		$	52,592		$	58,727
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	17,568		$	17,208		$	14,104		$	19,130
Interest-bearing deposits		26,343			26,315			27,359			27,928
Total deposits		43,911			43,523			41,463			47,058
Short-term borrowings		210			251			262			362
Acceptances outstanding		44			27			27			29
Accrued expenses and other liabilities		847			977			929			792
Medium- and long-term debt		4,597			4,597			4,801			5,400
Total liabilities		49,609			49,375			47,482			53,641
Common stock — $5 par value:
Authorized — 325,000,000 shares
Issued — 178,735,252 shares at 6/30/04, 3/31/04, 12/31/03 and 6/30/03		894			894			894			894
Capital surplus		398			395			384			372
Accumulated other comprehensive income		(82	)		92			74			181
Retained earnings		4,125			4,030			3,973			3,842
Less cost of common stock in treasury — 7,124,990 shares at 6/30/04, 5,576,560
shares at 3/31/04, 3,735,163 shares at 12/31/03 and 3,490,548 shares at 6/30/03		(401	)		(318	)		(215	)		(203	)
Total shareholders’ equity		4,934			5,093			5,110			5,086
Total liabilities and shareholders’ equity	$	54,543		$	54,468		$	52,592		$	58,727

-5-

CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2004		2003		2004		2003
INTEREST INCOME
Interest and fees on loans	$	500	$	577	$	996	$	1,170
Interest on investment securities		35		40		75		87
Interest on short-term investments		10		10		17		16
Total interest income		545		627		1,088		1,273
INTEREST EXPENSE
Interest on deposits		72		103		145		207
Interest on short-term borrowings		—		2		1		5
Interest on medium- and long-term debt		25		29		49		57
Total interest expense		97		134		195		269
Net interest income		448		493		893		1,004
Provision for loan losses		20		111		85		217
Net interest income after provision for loan losses		428		382		808		787
NONINTEREST INCOME
Service charges on deposit accounts		59		58		121		119
Fiduciary income		41		42		85		83
Commercial lending fees		13		15		27		30
Letter of credit fees		17		16		32		32
Foreign exchange income		12		9		21		19
Brokerage fees		8		8		18		16
Investment advisory revenue, net		9		7		18		14
Bank-owned life insurance		9		12		18		21
Equity in earnings of unconsolidated subsidiaries		5		1		8		3
Warrant income		4		—		5		—
Net securities gains		1		29		6		42
Net gain on sales of businesses		7		—		7		—
Other noninterest income		43		29		82		67
Total noninterest income		228		226		448		446
NONINTEREST EXPENSES
Salaries and employee benefits		235		219		461		441
Net occupancy expense		31		30		61		62
Equipment expense		14		14		29		30
Outside processing fee expense		18		18		35		35
Software expense		9		9		20		18
Customer services		7		5		9		12
Other noninterest expenses		58		65		126		129
Total noninterest expenses		372		360		741		727
Income before income taxes		284		248		515		506
Provision for income taxes		92		78		161		160
NET INCOME	$	192	$	170	$	354	$	346
Net income applicable to common stock	$	192	$	170	$	354	$	346
Basic net income per common share	$	1.11	$	0.98	$	2.04	$	1.98
Diluted net income per common share		1.10		0.97		2.02		1.97
Cash dividends declared on common stock		90		87		180		174
Dividends per common share		0.52		0.50		1.04		1.00

-6-

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Second		First		Fourth		Third		Second		Second Quarter 2004 Compared To:
	Quarter		Quarter		Quarter		Quarter		Quarter		First Quarter 2004						Second Quarter 2003
(in millions, except per share data)	2004		2004		2003		2003		2003		Amount			Percent			Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	500	$	496	$	511	$	530	$	577	$	4			0.6	%	$	(77	)		(13.4	)%
Interest on investment securities		35		40		41		37		40		(5	)		(9.6	)		(5	)		(11.0	)
Interest on short-term investments		10		7		8		12		10		3			20.4			—			(6.4	)
Total interest income		545		543		560		579		627		2			0.1			(82	)		(13.2	)
INTEREST EXPENSE
Interest on deposits		72		73		77		86		103		(1	)		(2.0	)		(31	)		(30.9	)
Interest on short-term borrowings		—		1		1		1		2		(1	)		(11.1	)		(2	)		(56.1	)
Interest on medium- and long-term debt		25		24		25		27		29		1			0.3			(4	)		(15.6	)
Total interest expense		97		98		103		114		134		(1	)		(1.5	)		(37	)		(27.8	)
Net interest income		448		445		457		465		493		3			0.5			(45	)		(9.2	)
Provision for loan losses		20		65		77		83		111		(45	)		(69.2	)		(91	)		(82.0	)
Net interest income after provision for loan losses		428		380		380		382		382		48			12.4			46			12.0
NONINTEREST INCOME
Service charges on deposit accounts		59		62		59		60		58		(3	)		(4.5	)		1			0.7
Fiduciary income		41		44		44		42		42		(3	)		(5.7	)		(1	)		(1.0	)
Commercial lending fees		13		14		17		16		15		(1	)		(2.5	)		(2	)		(10.7	)
Letter of credit fees		17		15		16		17		16		2			12.3			1			4.3
Foreign exchange income		12		9		6		10		9		3			35.5			3			49.4
Brokerage fees		8		10		10		8		8		(2	)		(8.6	)		—			2.4
Investment advisory revenue, net		9		9		8		8		7		—			(3.8	)		2			19.3
Bank-owned life insurance		9		9		9		12		12		—			(3.9	)		(3	)		(28.9	)
Equity in earnings of unconsolidated subsidiaries		5		3		1		2		1		2			40.9			4			458.9
Warrant income		4		1		3		1		—		3			245.9			4			N/M
Net securities gains		1		5		4		4		29		(4	)		(92.5	)		(28	)		(98.6	)
Net gain on sales of businesses		7		—		—		—		—		7			N/M			7			N/M
Other noninterest income		43		39		43		41		29		4			9.8			14			46.0
Total noninterest income		228		220		220		221		226		8			3.6			2			0.5
NONINTEREST EXPENSES
Salaries and employee benefits		235		226		227		229		219		9			3.9			16			7.8
Net occupancy expense		31		30		32		34		30		1			0.8			1			1.0
Equipment expense		14		15		15		16		14		(1	)		(4.2	)		—			(0.9	)
Outside processing fee expense		18		17		18		18		18		1			7.9			—			0.1
Software expense		9		11		9		10		9		(2	)		(6.9	)		—			15.6
Customer services		7		2		7		6		5		5			167.8			2			38.7
Other noninterest expenses		58		68		71		64		65		(10	)		(14.5	)		(7	)		(12.0	)
Total noninterest expenses		372		369		379		377		360		3			0.9			12			3.4
Income before income taxes		284		231		221		226		248		53			22.4			36			13.9
Provision for income taxes		92		69		63		69		78		23			31.5			14			17.4
NET INCOME	$	192	$	162	$	158	$	157	$	170	$	30			18.5	%	$	22			12.3	%
Net income applicable to common stock	$	192	$	162	$	158	$	157	$	170	$	30			18.5	%	$	22			12.3	%
Basic net income per common share	$	1.11	$	0.93	$	0.90	$	0.90	$	0.98	$	0.18			19.4	%	$	0.13			13.3	%
Diluted net income per common share		1.10		0.92		0.89		0.89		0.97		0.18			19.6			0.13			13.4
Cash dividends declared on common stock		90		90		88		88		87		—			(0.8	)		3			2.4
Dividends per common share		0.52		0.52		0.50		0.50		0.50		—			—			0.02			4.0

N/M — Not meaningful

-7-

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries

	2004						2003
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Balance at beginning of period	$	798		$	803		$	802		$	802		$	801
Loans charged-off:
Commercial		57			64			74			70			86
Real estate construction:
Real estate construction business line		1			—			1			—			—
Other		—			—			—			—			—
Total real estate construction		1			—			1			—			—
Commercial mortgage:
Commercial real estate business line		—			—			—			—			4
Other		6			6			6			4			3
Total commercial mortgage		6			6			6			4			7
Consumer		4			3			3			3			3
Lease financing		1			8			—			—			4
International		7			3			13			17			17
Total loans charged-off		76			84			97			94			117
Recoveries on loans previously charged-off:
Commercial		15			10			16			4			6
Real estate construction		—			—			—			—			—
Commercial mortgage		1			—			—			1			—
Consumer		1			—			—			2			—
Lease financing		—			1			—			—			—
International		3			3			5			4			1
Total recoveries		20			14			21			11			7
Net loans charged-off		56			70			76			83			110
Provision for loan losses		20			65			77			83			111
Balance at end of period	$	762		$	798		$	803		$	802		$	802
Allowance for loan losses as a percentage of total loans		1.90	%		1.99	%		1.99	%		1.97	%		1.89	%
Net loans charged-off as a percentage of average total loans		0.55			0.69			0.75			0.79			1.02
Allowance for credit losses on lending-related commitments*	$	28		$	32		$	33		$	29		$	33
*Included in “Accrued expenses and other liabilities” on the consolidated balance sheets.

-8-

NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries

	2004						2003
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	229		$	282		$	295		$	382		$	342
Real estate construction:
Real estate construction business line		20			19			21			28			37
Other		3			5			3			4			3
Total real estate construction		23			24			24			32			40
Commercial mortgage:
Commercial real estate business line		12			3			3			3			3
Other		80			90			84			65			52
Total commercial mortgage		92			93			87			68			55
Residential mortgage		3			4			2			1			—
Consumer		2			5			7			8			6
Lease financing		13			13			24			25			26
International		42			68			68			82			90
Total nonaccrual loans		404			489			507			598			559
Reduced-rate loans		—			—			—			—			—
Total nonperforming loans		404			489			507			598			559
Other real estate		26			32			30			25			18
Nonaccrual debt securities		—			1			1			4			4
Total nonperforming assets	$	430		$	522		$	538		$	627		$	581
Nonperforming loans as a percentage of total loans		1.01	%		1.22	%		1.26	%		1.47	%		1.32	%
Nonperforming assets as a percentage of total loans, other real estate and nonaccrual debt securities		1.07			1.30			1.33			1.54			1.37
Allowance for loan losses as a percentage of total nonperforming assets		177			153			149			128			138
Loans past due 90 days or more and still accruing	$	25		$	35		$	32		$	56		$	42
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	489		$	507		$	598		$	559		$	624
Loans transferred to nonaccrual (1)		63			92			114			211			148
Nonaccrual business loan gross charge-offs (2)		(71	)		(80	)		(93	)		(91	)		(114	)
Loans transferred to accrual status (1)		—			—			—			—			(6	)
Nonaccrual business loans sold (3)		(33	)		(14	)		(48	)		(37	)		(56	)
Payments/Other (4)		(44	)		(16	)		(64	)		(44	)		(37	)
Nonaccrual loans at end of period	$	404		$	489		$	507		$	598		$	559
(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	$	71		$	80		$	93		$	91		$	114
Performing watch list loans sold		1			1			1			—			—
Consumer loans		4			3			3			3			3
Total gross loan charge-offs	$	76		$	84		$	97		$	94		$	117
(3)    Analysis of loans sold:
Nonaccrual business loans	$	33		$	14		$	48		$	37		$	56
Performing watch list loans sold		14			18			15			—			—
Total loans sold	$	47		$	32		$	63		$	37		$	56

(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.

-9-

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

	Three Months Ended
	June 30, 2004								March 31, 2004								June 30, 2003
	Average					Average			Average					Average			Average					Average
(dollar amounts in millions)	Balance			Interest		Rate			Balance			Interest		Rate			Balance			Interest		Rate
Commercial loans	$	22,178		$	217		3.93	%	$	21,716			$218		4.04	%	$	24,548		$	256		4.18	%
Real estate construction loans		3,253			42		5.13			3,354			42		5.01			3,603			46		5.08
Commercial mortgage loans		8,050			100		4.99			7,964			100		5.03			7,482			102		5.46
Residential mortgage loans		1,209			17		5.73			1,226			17		5.78			1,186			18		6.27
Consumer loans		2,653			30		4.57			2,626			31		4.62			2,439			32		5.25
Lease financing		1,271			14		4.29			1,291			14		4.40			1,278			13		4.01
International loans		2,115			23		4.42			2,250			23		4.11			2,695			34		5.02
Business loan swap income		—			57		—			—			52		—			—			77		—
Total loans		40,729			500		4.93			40,427			497		4.94			43,231			578		5.36
Investment securities available-for-sale (1)		4,460			35		3.17			4,551			40		3.48			4,522			40		3.60
Short-term investments		2,450			10		1.51			1,844			7		1.66			2,003			10		1.96
Total earning assets		47,639			545		4.59			46,822			544		4.67			49,756			628		5.06
Cash and due from banks		1,727								1,664								1,868
Allowance for loan losses		(812	)							(831	)							(835	)
Accrued income and other assets		3,039								3,083								3,180
Total assets	$	51,593							$	50,738							$	53,969
Money market and NOW deposits	$	17,886			43		0.95		$	17,908			42		0.95		$	17,308			57		1.32
Savings deposits		1,651			1		0.38			1,607			2		0.39			1,578			2		0.54
Certificates of deposit		5,991			24		1.61			6,515			26		1.58			8,808			38		1.76
Foreign office time deposits		655			4		2.20			590			3		2.41			661			6		3.65
Total interest-bearing deposits		26,183			72		1.10			26,620			73		1.10			28,355			103		1.47
Short-term borrowings		262			—		0.94			311			1		0.89			450			2		1.24
Medium- and long-term debt		4,566			25		2.17			4,795			24		2.06			5,276			29		2.21
Total interest-bearing sources		31,011			97		1.26			31,726			98		1.25			34,081			134		1.58
Noninterest-bearing deposits		14,730								12,985								14,061
Accrued expenses and other liabilities		849								931								766
Common shareholders’ equity		5,003								5,096								5,061
Total liabilities and shareholders’ equity	$	51,593							$	50,738							$	53,969
Net interest income/rate spread (FTE)				$	448		3.33					$	446		3.42					$	494		3.48
FTE adjustment				$	—							$	1							$	1
Impact of net noninterest-bearing sources of funds							0.44								0.41								0.50
Net interest margin (as a percentage of average earning assets) (FTE)							3.77	%							3.83	%							3.98	%

(1) The average rate for investment securities available-for-sale was computed using average historical cost.

-10-

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

	Six Months Ended
	June 30, 2004								June 30, 2003
	Average					Average			Average					Average
(dollar amounts in millions)	Balance			Interest		Rate			Balance			Interest		Rate
Commercial loans	$	21,947		$	435		3.99	%	$	24,793		$	514		4.19	%
Real estate construction loans		3,303			83		5.07			3,581			91		5.11
Commercial mortgage loans		8,008			200		5.01			7,368			203		5.55
Residential mortgage loans		1,217			35		5.75			1,174			38		6.36
Consumer loans		2,640			61		4.59			2,447			64		5.28
Lease financing		1,281			28		4.34			1,284			29		4.57
International loans		2,182			46		4.26			2,727			64		4.72
Business loan swap income		—			109		—			—			169		—
Total loans		40,578			997		4.94			43,374			1,172		5.44
Investment securities available-for-sale (1)		4,505			75		3.32			4,248			87		4.13
Short-term investments		2,147			17		1.57			1,399			16		2.34
Total earning assets		47,230			1,089		4.63			49,021			1,275		5.24
Cash and due from banks		1,695								1,834
Allowance for loan losses		(821	)							(831	)
Accrued income and other assets		3,061								3,287
Total assets	$	51,165							$	53,311
Money market and NOW deposits	$	17,897			85		0.95		$	16,882			112		1.33
Savings deposits		1,629			3		0.39			1,564			4		0.57
Certificates of deposit		6,254			50		1.60			8,835			79		1.82
Foreign office time deposits		622			7		2.30			674			12		3.52
Total interest-bearing deposits		26,402			145		1.10			27,955			207		1.50
Short-term borrowings		286			1		0.91			711			5		1.30
Medium- and long-term debt		4,680			49		2.11			5,177			57		2.22
Total interest-bearing sources		31,368			195		1.25			33,843			269		1.60
Noninterest-bearing deposits		13,858								13,677
Accrued expenses and other liabilities		890								775
Common shareholders’ equity		5,049								5,016
Total liabilities and shareholders’ equity	$	51,165							$	53,311
Net interest income/rate spread (FTE)				$	894		3.38					$	1,006		3.64
FTE adjustment				$	1							$	2
Impact of net noninterest-bearing sources of funds							0.42								0.49
Net interest margin (as a percentage of average earning assets) (FTE)							3.80	%							4.13	%

(1) The average rate for investment securities available-for-sale was computed using average historical cost.

-11-

CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries

	June 30,			March 31,			December 31,			September 30,			June 30,
(in millions, except per share data)	2004			2004			2003			2003			2003
Commercial loans (1):
Floor plan	$	2,802		$	2,797		$	2,731		$	2,053		$	2,752
Other		18,656			18,704			18,848			19,977			20,995
Total commercial loans		21,458			21,501			21,579			22,030			23,747
Real estate construction loans:
Real estate construction business line		2,661			2,628			2,754			2,866			2,959
Other		621			615			643			630			619
Total real estate construction loans		3,282			3,243			3,397			3,496			3,578
Commercial mortgage loans:
Commercial real estate business line		1,656			1,718			1,655			1,574			1,687
Other		6,424			6,311			6,223			6,057			5,920
Total commercial mortgage loans		8,080			8,029			7,878			7,631			7,607
Residential mortgage loans (1)		1,211			1,210			1,228			1,210			1,194
Consumer loans (1):
Home equity		1,788			1,657			1,647			1,565			1,564
Other consumer		884			969			963			936			892
Total consumer loans		2,672			2,626			2,610			2,501			2,456
Lease financing		1,266			1,268			1,301			1,289			1,275
International loans		2,130			2,135			2,309			2,478			2,607
Total loans	$	40,099		$	40,012		$	40,302		$	40,635		$	42,464
(1) Loans to individuals associated with commercial lending relationships were reclassified from commercial loans (other) to residential mortgage loans and consumer loans (both home equity and other consumer) in the second quarter of 2004. The impact on March 31, 2004 was a decrease in commercial loans (other) of approximately $1.4 billion, offset by increases in residential mortgage, home equity and other consumer loans of approximately $0.3 billion, $0.5 billion and $0.6 billion, respectively. Other prior periods were also reclassified.
Goodwill	$	247		$	247		$	247		$	247		$	247
Core deposit intangible		—			1			1			2			2
Other intangible assets		1			1			1			1			1
Loan servicing rights		19			18			17			16			14
Deferred mutual fund distribution costs		10			11			12			14			15
Amortization of intangibles (quarterly)		1			—			1			—			—
Tier 1 common capital ratio*		7.99	%		8.00	%		8.04	%		7.92	%		7.61	%
Tier 1 risk-based capital ratio*		8.63			8.64			8.72			8.58			8.26
Total risk-based capital ratio *		12.90			12.60			12.71			12.64			12.30
Leverage ratio*		10.01			10.15			10.13			9.54			9.38
Book value per share	$	28.75		$	29.41		$	29.20		$	29.05		$	29.02
Market value per share for the quarter:
High	$	56.99		$	59.23		$	56.34		$	49.75		$	53.58
Low		50.45			52.30			46.38			45.28			37.79
Close		54.88			54.32			56.06			46.60			46.50
Quarterly ratios:
Return on average common shareholders’ equity		15.35	%		12.71	%		12.33	%		12.55	%		13.51	%
Return on average assets		1.49			1.28			1.22			1.16			1.27
Efficiency ratio		55.08			55.84			56.34			55.28			52.02
Number of banking offices		361			362			360			358			357
Number of employees — full time equivalent		11,111			11,237			11,282			11,302			11,479

* June 30, 2004 ratios are estimated

-12-

PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated

	June 30,			December 31,			June 30,
(in millions, except share data)	2004			2003			2003
ASSETS
Cash and due from banks	$	5		$	—		$	17
Short-term investments with subsidiary bank		226			296			188
Investment in subsidiaries, principally banks		5,487			5,599			5,657
Premises and equipment		3			3			3
Other assets		277			262			274
Total assets	$	5,998		$	6,160		$	6,139
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	$	813		$	826		$	474
Subordinated debt issued to and advances from subsidiaries		—			—			353
Other liabilities		251			224			226
Total liabilities		1,064			1,050			1,053
Common stock — $5 par value:
Authorized — 325,000,000 shares
Issued — 178,735,252 shares at 6/30/04, 12/31/03 and 6/30/03		894			894			894
Capital surplus		398			384			372
Accumulated other comprehensive income		(82	)		74			181
Retained earnings		4,125			3,973			3,842
Less cost of common stock in treasury — 7,124,990 shares at 6/30/04, 3,735,163 shares at 12/31/03 and 3,490,548 shares at 6/30/03		(401	)		(215	)		(203	)
Total shareholders’ equity		4,934			5,110			5,086
Total liabilities and shareholders’ equity	$	5,998		$	6,160		$	6,139

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

						Accumulated
						Other									Total
	Common		Capital			Comprehensive			Retained			Treasury			Shareholders’
(in millions, except share data)	Stock		Surplus			Income			Earnings			Stock			Equity
BALANCE AT JANUARY 1, 2003	$	894	$	363		$	237		$	3,684		$	(231	)	$	4,947
Net income		—		—			—			346			—			346
Other comprehensive loss, net of tax		—		—			(56	)		—			—			(56	)
Total comprehensive income		—		—			—			—			—			290
Cash dividends declared on common stock ($1.00 per share)		—		—			—			(174	)		—			(174	)
Net issuance of common stock under employee stock plans		—		(5	)		—			(14	)		28			9
Recognition of stock-based compensation expense		—		14			—			—			—			14
BALANCE AT JUNE 30, 2003	$	894	$	372		$	181		$	3,842		$	(203	)	$	5,086
BALANCE AT JANUARY 1, 2004	$	894	$	384		$	74		$	3,973		$	(215	)	$	5,110
Net income		—		—			—			354			—			354
Other comprehensive loss, net of tax		—		—			(156	)		—			—			(156	)
Total comprehensive income		—		—			—			—			—			198
Cash dividends declared on common stock ($1.04 per share)		—		—			—			(180	)		—			(180	)
Purchase of 4,458,423 shares of common stock		—		—			—			—			(247	)		(247	)
Net issuance of common stock under employee stock plans		—		(6	)		—			(22	)		61			33
Recognition of stock-based compensation expense		—		20			—			—			—			20
BALANCE AT JUNE 30, 2004	$	894	$	398		$	(82	)	$	4,125		$	(401	)	$	4,934

-13-

EX-99.2

EXHIBIT 99.2

Second Quarter 2004 Financial Review Comerica Incorporated July 15, 2004

Safe Harbor Statement This presentation and the oral statements relating to this presentation (the "Presentation") that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "expect", "believe", "intend", "estimate", "project", "may" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are predicated on management's beliefs and assumptions based on information known to Comerica's management as of the date of this Presentation 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 the Company's revenues, 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 the date of this Presentation, 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, the Company's actual results could differ materially from those discussed in this Presentation. Factors that could cause or contribute to such differences are changes in the pace of an economic recovery, implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, changes in the accounting treatment of any particular item, the impact of regulatory examinations, changes in the businesses or industries in which Comerica has a concentration of loans, the anticipated performance of any new banking branches, the entry of new competitors in Comerica's markets, changes in the level of fee income, and changes in general economic conditions and related credit and market conditions. Forward-looking statements speak only as of the date they are made in this Presentation. 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 presentation 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.

Agenda This presentation provides an overview of the second quarter 2004 financial performance for Comerica Incorporated. All information contained herein has been made public. Please refer to our press release and financial statements for additional detail. Highlights Income Statement Loan Growth Credit Quality Deposit Growth Capital Management Outlook Questions & Answers Appendix

Highlights

Net Interest Income & Margin Net Interest Income up $3 MM from 1Q04 to $448 MM Net Interest Margin of 3.77% is down 6 bps from 1Q04 due to higher short-term liquidity levels 2Q03 3Q03 4Q03 1Q04 2Q04 0.0398 0.037 0.0383 0.0383 0.0377

Non-Interest Income

Non-Interest Expenses

Geographic Loan Growth

Line of Business Loan Growth

Second Quarter Credit Quality Non-Accrual Loans Line of Business: Middle Market 51% Global Corporate 16% Small Business 13% Industry: Automotive 21% Services 15% Real Estate 12% Midwest Western Division Texas 0.6356 0.3146 0.0498 Midwest, Int'l & Other 64% Western Region 31% Texas 5% Geography based on location of loan office. Western Region includes: CA, AZ, NV, CO

Three Months Ended Dollar amounts in millions. Net change for balances <$2 MM, other than business loan charge-offs and loans sold, included in Payments / Other. Credit Quality Non-Accrual Loans

Line of Business: Middle Market 76% Global Corporate 12% Small Business 6% Industry: Contractors* 26% Services 17% Technology-related 16% Michigan & Nat'l Businesses Western Division Texas 20938 32793 2032 Texas 4% Western Region 59% Midwest, Int'l & Other 37% Geography based on location of loan office. Western Region includes: CA, AZ, NV,CO,WA *Loans classified as commercial, not real estate related. Second Quarter Credit Quality Net Charge Offs

2Q 2003 3Q 2003 4Q 2003 1Q 2004 2Q 2004 East 0.0189 0.0197 0.0199 0.0199 0.019 Credit Quality - Reserves $802 $802 $803 Allowance ($millions) $798 1.99% 1.90% $762

Line of Business Deposit Growth

Capital Management Estimated capital ratios: Tier 1 common 7.99% Tier 1 8.63% Total risk-based 12.90% Common shareholder's equity: $4.9 billion Approximately 2.1 million shares ($114 million) repurchased in the second quarter 2004. Remaining authorization: 10.3 million shares

2004 Trends Average loans slightly lower, with low-single digit end of period loan growth Low-single digit non-interest income growth, excluding securities gains Average net interest margin of about 3.80% $5 to $10 million reduction in non-interest expenses, excluding severance expense Average net charge-offs of approximately 50 - 55 basis points

Questions & Answers Ralph Babb, Chairman, President & CEO Beth Acton, EVP & Chief Financial Officer Dale Greene, EVP & Chief Credit Officer & Helen Arsenault, Director of Investor Relations

Appendix

2Q 2004 Average Loans

2Q 2004 Average Deposits