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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net interest income        
Interest income $ 36,854 $ 32,354 $ 73,139 $ 61,009
Interest expense 23,152 18,196 45,405 32,403
Net interest income 13,702 14,158 27,734 28,606
Noninterest income        
Fees and commissions 8,969 7,961 17,629 15,855
Market making and similar activities 3,298 3,697 7,186 8,409
Other income (loss) (592) (619) (1,354) (1,415)
Total noninterest income 11,675 11,039 23,461 22,849
Total revenue, net of interest expense 25,377 25,197 51,195 51,455
Provision for credit losses 1,508 1,125 2,827 2,056
Noninterest expense        
Compensation and benefits 9,826 9,401 20,021 19,319
Occupancy and equipment 1,818 1,776 3,629 3,575
Information processing and communications 1,763 1,644 3,563 3,341
Product delivery and transaction related 891 956 1,742 1,846
Professional fees 654 527 1,202 1,064
Marketing 487 513 942 971
Other general operating 870 1,221 2,447 2,160
Total noninterest expense 16,309 16,038 33,546 32,276
Income before income taxes 7,560 8,034 14,822 17,123
Income tax expense 663 626 1,251 1,554
Net income 6,897 7,408 13,571 15,569
Preferred stock dividends 315 306 847 811
Net income applicable to common shareholders $ 6,582 $ 7,102 $ 12,724 $ 14,758
Per common share information        
Earnings (in dollars per share) $ 0.83 $ 0.88 $ 1.60 $ 1.83
Diluted earnings (in dollars per share) $ 0.83 $ 0.88 $ 1.59 $ 1.82
Average common shares issued and outstanding (in shares) 7,897.9 8,040.9 7,933.3 8,053.5
Average diluted common shares issued and outstanding (in shares) 7,960.9 8,080.7 7,996.2 8,162.6