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 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net interest income        
Interest income $ 32,354 $ 14,975 $ 61,009 $ 27,869
Interest expense 18,196 2,531 32,403 3,853
Net interest income 14,158 12,444 28,606 24,016
Noninterest income        
Fees and commissions 7,961 8,491 15,855 17,476
Market making and similar activities 3,697 2,717 8,409 5,955
Other income (619) (964) (1,415) (1,531)
Total noninterest income 11,039 10,244 22,849 21,900
Total revenue, net of interest expense 25,197 22,688 51,455 45,916
Provision for credit losses 1,125 523 2,056 553
Noninterest expense        
Compensation and benefits 9,401 8,917 19,319 18,399
Occupancy and equipment 1,776 1,748 3,575 3,508
Information processing and communications 1,644 1,535 3,341 3,075
Product delivery and transaction related 956 924 1,846 1,857
Professional fees 527 518 1,064 968
Marketing 513 463 971 860
Other general operating 1,221 1,168 2,160 1,925
Total noninterest expense 16,038 15,273 32,276 30,592
Income before income taxes 8,034 6,892 17,123 14,771
Income tax expense 626 645 1,554 1,457
Net income 7,408 6,247 15,569 13,314
Preferred stock dividends 306 315 811 782
Net income applicable to common shareholders $ 7,102 $ 5,932 $ 14,758 $ 12,532
Per common share information        
Earnings (in dollars per share) $ 0.88 $ 0.73 $ 1.83 $ 1.54
Diluted earnings (in dollars per share) $ 0.88 $ 0.73 $ 1.82 $ 1.53
Average common shares issued and outstanding (in shares) 8,040.9 8,121.6 8,053.5 8,129.3
Average diluted common shares issued and outstanding (in shares) 8,080.7 8,163.1 8,162.6 8,182.2