Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income

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Net Interest Income and Noninterest Income
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2024 and 2023. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2024 2023 2024 2023
Net interest income
Interest income
Loans and leases $ 15,725  $ 14,830  $ 46,303  $ 41,897 
Debt securities 6,833  4,658  19,295  14,809 
Federal funds sold and securities borrowed or purchased under agreements to resell 5,196  4,888  15,530  13,555 
Trading account assets 2,726  2,217  7,697  6,321 
Other interest income (1)
7,011  7,031  21,805  18,051 
Total interest income 37,491  33,624  110,630  94,633 
Interest expense
Deposits 10,125  7,340  28,918  17,439 
Short-term borrowings 8,940  7,629  26,545  22,164 
Trading account liabilities 538  510  1,624  1,486 
Long-term debt 3,921  3,766  11,842  10,559 
Total interest expense 23,524  19,245  68,929  51,648 
Net interest income $ 13,967  $ 14,379  $ 41,701  $ 42,985 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 1,030  $ 994  $ 2,984  $ 2,973 
Other card income 588  526  1,678  1,562 
Total card income 1,618  1,520  4,662  4,535 
Service charges
Deposit-related fees 1,198  1,124  3,492  3,266 
Lending-related fees 354  340  1,009  972 
Total service charges 1,552  1,464  4,501  4,238 
Investment and brokerage services
Asset management fees 3,533  3,103  10,173  8,990 
Brokerage fees 1,013  860  2,880  2,664 
Total investment and brokerage services 4,546  3,963  13,053  11,654 
Investment banking fees
Underwriting income 742  531  2,512  1,757 
Syndication fees 274  209  886  620 
Financial advisory services 387  448  1,134  1,186 
Total investment banking fees 1,403  1,188  4,532  3,563 
Total fees and commissions 9,119  8,135  26,748  23,990 
Market making and similar activities 3,278  3,325  10,464  11,734 
Other income (loss) (1,019) (672) (2,373) (2,087)
Total noninterest income $ 11,378  $ 10,788  $ 34,839  $ 33,637 
(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $4.1 billion and $4.6 billion for the three months ended September 30, 2024 and 2023, and $13.2 billion and $10.9 billion for the nine months ended September 30, 2024 and 2023.
(2)Gross interchange fees and merchant income are $3.4 billion at both the three months ended September 30, 2024 and 2023 and both are presented net of $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $10.1 billion and $9.9 billion for the nine months ended September 30, 2024 and 2023 and are presented net of $7.1 billion and $7.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.