Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest income      
Loans and leases $ 40,811 $ 36,221 $ 33,228
Debt securities 11,724 10,471 9,167
Federal funds sold and securities borrowed or purchased under agreements to resell 3,176 2,390 1,118
Trading account assets 4,811 4,474 4,423
Other interest income 6,247 4,023 3,121
Total interest income 66,769 57,579 51,057
Interest expense      
Deposits 4,495 1,931 1,015
Short-term borrowings 5,839 3,538 2,350
Trading account liabilities 1,358 1,204 1,018
Long-term debt 7,645 6,239 5,578
Total interest expense 19,337 12,912 9,961
Net interest income 47,432 44,667 41,096
Noninterest income      
Card income 6,051 5,902 5,851
Service charges 7,767 7,818 7,638
Investment and brokerage services 14,160 13,836 13,349
Investment banking income 5,327 6,011 5,241
Trading account profits 8,540 7,277 6,902
Other income 1,970 1,841 3,624
Total noninterest income 43,815 42,685 42,605
Total revenue, net of interest expense 91,247 87,352 83,701
Provision for credit losses 3,282 3,396 3,597
Noninterest expense      
Personnel 31,880 31,931 32,018
Occupancy 4,066 4,009 4,038
Equipment 1,705 1,692 1,804
Marketing 1,674 1,746 1,703
Professional fees 1,699 1,888 1,971
Data processing 3,222 3,139 3,007
Telecommunications 699 699 746
Other general operating 8,436 9,639 9,796
Total noninterest expense 53,381 54,743 55,083
Income before income taxes 34,584 29,213 25,021
Income tax expense 6,437 10,981 7,199
Net income 28,147 18,232 17,822
Preferred stock dividends 1,451 1,614 1,682
Net income applicable to common shareholders $ 26,696 $ 16,618 $ 16,140
Per common share information      
Earnings (in dollars per share) $ 2.64 $ 1.63 $ 1.57
Diluted earnings (in dollars per share) $ 2.61 $ 1.56 $ 1.49
Average common shares issued and outstanding (in shares) 10,096.5 10,195.6 10,284.1
Average diluted common shares issued and outstanding (in shares) 10,236.9 10,778.4 11,046.8