Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net interest income        
Interest income $ 17,916 $ 16,965 $ 54,310 $ 48,933
Interest expense 5,729 4,904 17,559 13,275
Net interest income 12,187 12,061 36,751 35,658
Noninterest income        
Fees and commissions 8,467 8,076 24,495 24,733
Trading account income 1,707 1,717 6,390 6,421
Other income 446 870 1,259 1,531
Total noninterest income 10,620 10,663 32,144 32,685
Total revenue, net of interest expense 22,807 22,724 68,895 68,343
Provision for credit losses 779 716 2,649 2,377
Noninterest expense        
Compensation and benefits 7,779 7,721 24,000 24,145
Occupancy and equipment 1,663 1,589 4,908 4,787
Information processing and communications 1,163 1,113 3,484 3,399
Product delivery and transaction related 696 687 2,067 2,149
Marketing 440 421 1,410 1,161
Professional fees 386 439 1,155 1,219
Other general operating 3,042 1,044 4,637 3,220
Total noninterest expense 15,169 13,014 41,661 40,080
Income before income taxes 6,859 8,994 24,585 25,886
Income tax expense 1,082 1,827 4,149 5,017
Net income 5,777 7,167 20,436 20,869
Preferred stock dividends 505 466 1,186 1,212
Net income applicable to common shareholders $ 5,272 $ 6,701 $ 19,250 $ 19,657
Per common share information        
Earnings (in dollars per share) $ 0.57 $ 0.67 $ 2.02 $ 1.93
Diluted earnings (in dollars per share) $ 0.56 $ 0.66 $ 2.01 $ 1.91
Average common shares issued and outstanding (in shares) 9,303.6 10,031.6 9,516.2 10,177.5
Average diluted common shares issued and outstanding (in shares) 9,353.0 10,170.8 9,565.7 10,317.9