Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net interest income      
Interest income $ 130,262 $ 72,565 $ 47,672
Interest expense 73,331 20,103 4,738
Net interest income 56,931 52,462 42,934
Noninterest income      
Fees and commissions 32,009 33,212 39,299
Market making and similar activities 12,732 12,075 8,691
Other income (3,091) (2,799) (1,811)
Total noninterest income 41,650 42,488 46,179
Total revenue, net of interest expense 98,581 94,950 89,113
Provision for credit losses 4,394 2,543 (4,594)
Noninterest expense      
Compensation and benefits 38,330 36,447 36,140
Occupancy and equipment 7,164 7,071 7,138
Information processing and communications 6,707 6,279 5,769
Product delivery and transaction related 3,608 3,653 3,881
Professional fees 2,159 2,142 1,775
Marketing 1,927 1,825 1,939
Other general operating 5,950 4,021 3,089
Total noninterest expense 65,845 61,438 59,731
Income before income taxes 28,342 30,969 33,976
Income tax expense 1,827 3,441 1,998
Net income 26,515 27,528 31,978
Preferred stock dividends and other 1,649 1,513 1,421
Net income applicable to common shareholders $ 24,866 $ 26,015 $ 30,557
Per common share information      
Earnings (in dollars per share) $ 3.10 $ 3.21 $ 3.60
Diluted earnings (in dollars per share) $ 3.08 $ 3.19 $ 3.57
Average common shares issued and outstanding (in shares) 8,028.6 8,113.7 8,493.3
Average diluted common shares issued and outstanding (in shares) 8,080.5 8,167.5 8,558.4