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, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net interest income        
Interest income $ 33,624 $ 19,621 $ 94,633 $ 47,490
Interest expense 19,245 5,856 51,648 9,709
Net interest income 14,379 13,765 42,985 37,781
Noninterest income        
Fees and commissions 8,135 8,001 23,990 25,477
Market making and similar activities 3,325 3,068 11,734 9,023
Other income (672) (332) (2,087) (1,863)
Total noninterest income 10,788 10,737 33,637 32,637
Total revenue, net of interest expense 25,167 24,502 76,622 70,418
Provision for credit losses 1,234 898 3,290 1,451
Noninterest expense        
Compensation and benefits 9,551 8,887 28,870 27,286
Occupancy and equipment 1,795 1,777 5,370 5,285
Information processing and communications 1,676 1,546 5,017 4,621
Product delivery and transaction related 880 892 2,726 2,749
Professional fees 545 525 1,609 1,493
Marketing 501 505 1,472 1,365
Other general operating 890 1,171 3,050 3,096
Total noninterest expense 15,838 15,303 48,114 45,895
Income before income taxes 8,095 8,301 25,218 23,072
Income tax expense 293 1,219 1,847 2,676
Net income 7,802 7,082 23,371 20,396
Preferred stock dividends 532 503 1,343 1,285
Net income applicable to common shareholders $ 7,270 $ 6,579 $ 22,028 $ 19,111
Per common share information        
Earnings (in dollars per share) $ 0.91 $ 0.81 $ 2.74 $ 2.35
Diluted earnings (in dollars per share) $ 0.90 $ 0.81 $ 2.72 $ 2.34
Average common shares issued and outstanding (in shares) 8,017.1 8,107.7 8,041.3 8,122.2
Average diluted common shares issued and outstanding (in shares) 8,075.9 8,160.8 8,153.4 8,173.3