Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

v3.19.3.a.u2
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net interest income      
Interest income $ 71,236 $ 66,769 $ 57,579
Interest expense 22,345 18,607 12,340
Net interest income 48,891 48,162 45,239
Noninterest income      
Fees and commissions 33,015 33,078 33,341
Market making and similar activities 9,034 9,008 7,102
Other income 304 772 1,444
Total noninterest income 42,353 42,858 41,887
Total revenue, net of interest expense 91,244 91,020 87,126
Provision for credit losses 3,590 3,282 3,396
Noninterest expense      
Compensation and benefits 31,977 31,880 31,931
Occupancy and equipment 6,588 6,380 6,264
Information processing and communications 4,646 4,555 4,530
Product delivery and transaction related 2,762 2,857 3,041
Marketing 1,934 1,674 1,746
Professional fees 1,597 1,699 1,888
Other general operating 5,396 4,109 5,117
Total noninterest expense 54,900 53,154 54,517
Income before income taxes 32,754 34,584 29,213
Income tax expense 5,324 6,437 10,981
Net income 27,430 28,147 18,232
Preferred stock dividends 1,432 1,451 1,614
Net income applicable to common shareholders $ 25,998 $ 26,696 $ 16,618
Per common share information      
Earnings (in dollars per share) $ 2.77 $ 2.64 $ 1.63
Diluted earnings (in dollars per share) $ 2.75 $ 2.61 $ 1.56
Average common shares issued and outstanding (in shares) 9,390.5 10,096.5 10,195.6
Average diluted common shares issued and outstanding (in shares) 9,442.9 10,236.9 10,778.4