Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income

v3.20.1
Net Interest Income and Noninterest Income
 3 Months Ended
Mar. 31, 2020
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, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 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)
2020
 
2019
Net interest income
 
 
 
Interest income
 
 
 
Loans and leases
$
9,963

 
$
10,885

Debt securities
2,843

 
3,119

Federal funds sold and securities borrowed or purchased under agreements to resell
819

 
1,195

Trading account assets
1,247

 
1,322

Other interest income
1,226

 
1,649

Total interest income
16,098

 
18,170

 
 
 
 
Interest expense
 
 
 
Deposits
1,184

 
1,795

Short-term borrowings
1,120

 
1,852

Trading account liabilities
329

 
345

Long-term debt
1,335

 
1,803

Total interest expense
3,968


5,795

Net interest income
$
12,130


$
12,375

 
 
 
 
Noninterest income
 
 
 
Fees and commissions
 
 
 
Card income
 
 
 
Interchange fees (1)
$
792

 
$
896

Other card income
480

 
479

Total card income
1,272

 
1,375

Service charges
 
 
 
Deposit-related fees
1,627

 
1,580

Lending-related fees
276

 
259

Total service charges
1,903

 
1,839

Investment and brokerage services
 
 
 
Asset management fees
2,682

 
2,440

Brokerage fees
1,076

 
920

Total investment and brokerage services
3,758

 
3,360

Investment banking fees
 
 
 
Underwriting income
848

 
666

Syndication fees
271

 
255

Financial advisory services
269

 
343

Total investment banking fees
1,388

 
1,264

Total fees and commissions
8,321


7,838

Market making and similar activities
2,807

 
2,768

Other income
(491
)
 
23

Total noninterest income
$
10,637


$
10,629

(1) 
Gross interchange fees were $2.3 billion for both the three months ended March 31, 2020 and 2019, and are presented net of $1.5 billion and $1.4 billion of expenses for rewards and partner payments for the same periods.