Quarterly report [Sections 13 or 15(d)]

Net Interest Income and Noninterest Income

v3.25.1
Net Interest Income and Noninterest Income
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2025 and 2024. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended March 31
(Dollars in millions) 2025 2024
Net interest income
Interest income
Loans and leases $ 15,223  $ 15,240 
Debt securities 6,767  6,137 
Federal funds sold and securities borrowed or purchased under agreements to resell 3,774  5,175 
Trading account assets 3,008  2,455 
Other interest income (1)
5,294  7,278 
Total interest income 34,066  36,285 
Interest expense
Deposits 8,632  9,138 
Short-term borrowings 6,963  8,535 
Trading account liabilities 707  546 
Long-term debt 3,321  4,034 
Total interest expense 19,623  22,253 
Net interest income $ 14,443  $ 14,032 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 916  $ 931 
Other card income 602  532 
Total card income 1,518  1,463 
Service charges
Deposit-related fees 1,228  1,122 
Lending-related fees 333  320 
Total service charges 1,561  1,442 
Investment and brokerage services
Asset management fees 3,738  3,270 
Brokerage fees 1,075  917 
Total investment and brokerage services 4,813  4,187 
Investment banking fees
Underwriting income 770  901 
Syndication fees 369  294 
Financial advisory services 384  373 
Total investment banking fees 1,523  1,568 
Total fees and commissions 9,415  8,660 
Market making and similar activities 3,584  3,888 
Other income (loss) (76) (762)
Total noninterest income $ 12,923  $ 11,786 
(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $2.8 billion and $4.5 billion for the three months ended March 31, 2025 and 2024.
(2)Gross interchange fees and merchant income were $3.3 billion and $3.2 billion for the three months ended March 31, 2025 and 2024, and are presented net of $2.4 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.