Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

v3.20.4
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net interest income      
Interest income $ 51,585 $ 71,236 $ 66,769
Interest expense 8,225 22,345 18,607
Net interest income 43,360 48,891 48,162
Noninterest income      
Fees and commissions 34,551 33,015 33,078
Market making and similar activities 8,355 9,034 9,008
Other income (738) 304 772
Total noninterest income 42,168 42,353 42,858
Total revenue, net of interest expense 85,528 91,244 91,020
Provision for credit losses 11,320 3,590 3,282
Noninterest expense      
Compensation and benefits 32,725 31,977 31,880
Occupancy and equipment 7,141 6,588 6,380
Information processing and communications 5,222 4,646 4,555
Product delivery and transaction related 3,433 2,762 2,857
Marketing 1,701 1,934 1,674
Professional fees 1,694 1,597 1,699
Other general operating 3,297 5,396 4,109
Total noninterest expense 55,213 54,900 53,154
Income before income taxes 18,995 32,754 34,584
Income tax expense 1,101 5,324 6,437
Net income 17,894 27,430 28,147
Preferred stock dividends 1,421 1,432 1,451
Net income applicable to common shareholders $ 16,473 $ 25,998 $ 26,696
Per common share information      
Earnings (in dollars per share) $ 1.88 $ 2.77 $ 2.64
Diluted earnings (in dollars per share) $ 1.87 $ 2.75 $ 2.61
Average common shares issued and outstanding (in shares) 8,753.2 9,390.5 10,096.5
Average diluted common shares issued and outstanding (in shares) 8,796.9 9,442.9 10,236.9