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, 2022
Dec. 31, 2021
Dec. 31, 2020
Net interest income      
Interest income $ 72,565 $ 47,672 $ 51,585
Interest expense 20,103 4,738 8,225
Net interest income 52,462 42,934 43,360
Noninterest income      
Fees and commissions 33,212 39,299 34,551
Market making and similar activities 12,075 8,691 8,355
Other income (2,799) (1,811) (738)
Total noninterest income 42,488 46,179 42,168
Total revenue, net of interest expense 94,950 89,113 85,528
Provision for credit losses 2,543 (4,594) 11,320
Noninterest expense      
Compensation and benefits 36,447 36,140 32,725
Occupancy and equipment 7,071 7,138 7,141
Information processing and communications 6,279 5,769 5,222
Product delivery and transaction related 3,653 3,881 3,433
Professional fees 2,142 1,775 1,694
Marketing 1,825 1,939 1,701
Other general operating 4,021 3,089 3,297
Total noninterest expense 61,438 59,731 55,213
Income before income taxes 30,969 33,976 18,995
Income tax expense 3,441 1,998 1,101
Net income 27,528 31,978 17,894
Preferred stock dividends and other 1,513 1,421 1,421
Net income applicable to common shareholders $ 26,015 $ 30,557 $ 16,473
Per common share information      
Earnings (in dollars per share) $ 3.21 $ 3.60 $ 1.88
Diluted earnings (in dollars per share) $ 3.19 $ 3.57 $ 1.87
Average common shares issued and outstanding (in shares) 8,113.7 8,493.3 8,753.2
Average diluted common shares issued and outstanding (in shares) 8,167.5 8,558.4 8,796.9