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, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest income        
Loans and leases $ 10,071 $ 8,920 $ 19,694 $ 17,674
Debt securities 2,856 2,594 5,660 5,135
Federal funds sold and securities borrowed or purchased under agreements to resell 709 560 1,331 999
Trading account assets 1,198 1,163 2,334 2,239
Other interest income 1,535 909 2,949 1,809
Total interest income 16,369 14,146 31,968 27,856
Interest expense        
Deposits 943 346 1,703 628
Short-term borrowings 1,462 917 2,597 1,564
Trading account liabilities 348 307 705 571
Long-term debt 1,966 1,590 3,705 3,049
Total interest expense 4,719 3,160 8,710 5,812
Net interest income 11,650 10,986 23,258 22,044
Noninterest income        
Card income 1,542 1,469 2,999 2,918
Service charges 1,954 1,977 3,875 3,895
Investment and brokerage services 3,458 3,460 7,122 6,877
Investment banking income 1,422 1,532 2,775 3,116
Trading account profits 2,315 1,956 5,014 4,287
Other income 268 1,449 691 1,940
Total noninterest income 10,959 11,843 22,476 23,033
Total revenue, net of interest expense 22,609 22,829 45,734 45,077
Provision for credit losses 827 726 1,661 1,561
Noninterest expense        
Personnel 7,944 8,040 16,424 16,515
Occupancy 1,022 1,001 2,036 2,001
Equipment 415 427 857 865
Marketing 395 442 740 774
Professional fees 399 485 780 941
Data processing 797 773 1,607 1,567
Telecommunications 166 177 349 368
Other general operating 2,146 2,637 4,388 5,044
Total noninterest expense 13,284 13,982 27,181 28,075
Income before income taxes 8,498 8,121 16,892 15,441
Income tax expense 1,714 3,015 3,190 4,998
Net income 6,784 5,106 13,702 10,443
Preferred stock dividends 318 361 746 863
Net income applicable to common shareholders $ 6,466 $ 4,745 $ 12,956 $ 9,580
Per common share information        
Earnings (in dollars per share) $ 0.64 $ 0.47 $ 1.26 $ 0.95
Diluted earnings (in dollars per share) 0.63 0.44 1.25 0.89
Dividends paid (in dollars per share) $ 0.12 $ 0.075 $ 0.240 $ 0.15
Average common shares issued and outstanding (in shares) 10,181.7 10,013.5 10,251.7 10,056.1
Average diluted common shares issued and outstanding (in shares) 10,309.4 10,834.8 10,389.9 10,876.7