Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statement of Income

v3.25.0.1
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net interest income      
Interest income $ 146,607 $ 130,262 $ 72,565
Interest expense 90,547 73,331 20,103
Net interest income 56,060 56,931 52,462
Noninterest income      
Fees and commissions 36,291 32,009 33,212
Market making and similar activities 12,967 12,732 12,075
Other income (loss) (3,431) (3,091) (2,799)
Total noninterest income 45,827 41,650 42,488
Total revenue, net of interest expense 101,887 98,581 94,950
Provision for credit losses 5,821 4,394 2,543
Noninterest expense      
Compensation and benefits 40,182 38,330 36,447
Occupancy and equipment 7,289 7,164 7,071
Information processing and communications 7,231 6,707 6,279
Product delivery and transaction related 3,494 3,608 3,653
Professional fees 2,669 2,159 2,142
Marketing 1,956 1,927 1,825
Other general operating 3,991 5,950 4,021
Total noninterest expense 66,812 65,845 61,438
Income before income taxes 29,254 28,342 30,969
Income tax expense 2,122 1,827 3,441
Net income 27,132 26,515 27,528
Preferred stock dividends 1,629 1,649 1,513
Net income applicable to common shareholders $ 25,503 $ 24,866 $ 26,015
Per common share information      
Earnings (in dollars per share) $ 3.25 $ 3.10 $ 3.21
Diluted earnings (in dollars per share) $ 3.21 $ 3.08 $ 3.19
Average common shares issued and outstanding (in shares) 7,855.5 8,028.6 8,113.7
Average diluted common shares issued and outstanding (in shares) 7,935.8 8,080.5 8,167.5