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, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net interest income        
Interest income $ 12,336 $ 11,486 $ 35,118 $ 40,124
Interest expense 1,242 1,357 3,594 7,017
Net interest income 11,094 10,129 31,524 33,107
Noninterest income        
Fees and commissions 9,915 8,777 29,156 25,490
Market making and similar activities 2,005 1,689 7,360 6,983
Other income (248) (259) (987) (151)
Total noninterest income 11,672 10,207 35,529 32,322
Total revenue, net of interest expense 22,766 20,336 67,053 65,429
Provision for credit losses (624) 1,389 (4,105) 11,267
Noninterest expense        
Compensation and benefits 8,714 8,200 27,103 24,535
Occupancy and equipment 1,764 1,798 5,353 5,302
Information processing and communications 1,416 1,333 4,289 3,807
Product delivery and transaction related 987 930 2,940 2,518
Marketing 347 308 1,528 1,238
Professional fees 434 450 1,263 1,206
Other general operating 778 1,382 2,524 2,680
Total noninterest expense 14,440 14,401 45,000 41,286
Income before income taxes 8,950 4,546 26,158 12,876
Income tax expense 1,259 (335) 1,193 452
Net income 7,691 4,881 24,965 12,424
Preferred stock dividends 431 441 1,181 1,159
Net income applicable to common shareholders $ 7,260 $ 4,440 $ 23,784 $ 11,265
Per common share information        
Earnings (in dollars per share) $ 0.86 $ 0.51 $ 2.77 $ 1.29
Diluted earnings (in dollars per share) $ 0.85 $ 0.51 $ 2.75 $ 1.28
Average common shares issued and outstanding (in shares) 8,430.7 8,732.9 8,583.1 8,762.6
Average diluted common shares issued and outstanding (in shares) 8,492.8 8,777.5 8,702.2 8,800.5