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 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income        
Loans and leases $ 10,401 $ 9,203 $ 30,095 $ 26,877
Debt securities 2,986 2,629 8,646 7,764
Federal funds sold and securities borrowed or purchased under agreements to resell 799 659 2,130 1,658
Trading account assets 1,172 1,091 3,506 3,330
Other interest income 1,607 1,075 4,556 2,884
Total interest income 16,965 14,657 48,933 42,513
Interest expense        
Deposits 1,230 624 2,933 1,252
Short-term borrowings 1,526 944 4,123 2,508
Trading account liabilities 335 319 1,040 890
Long-term debt 2,004 1,609 5,709 4,658
Total interest expense 5,095 3,496 13,805 9,308
Net interest income 11,870 11,161 35,128 33,205
Noninterest income        
Card income 1,470 1,429 4,469 4,347
Service charges 1,961 1,968 5,836 5,863
Investment and brokerage services 3,494 3,437 10,616 10,314
Investment banking income 1,204 1,477 3,979 4,593
Trading account profits 1,893 1,837 6,907 6,124
Other income 885 530 1,576 2,470
Total noninterest income 10,907 10,678 33,383 33,711
Total revenue, net of interest expense 22,777 21,839 68,511 66,916
Provision for credit losses 716 834 2,377 2,395
Noninterest expense        
Personnel 7,721 7,811 24,145 24,326
Occupancy 1,015 999 3,051 3,000
Equipment 421 416 1,278 1,281
Marketing 421 461 1,161 1,235
Professional fees 439 476 1,219 1,417
Data processing 791 777 2,398 2,344
Telecommunications 173 170 522 538
Other general operating 2,086 2,284 6,474 7,328
Total noninterest expense 13,067 13,394 40,248 41,469
Income before income taxes 8,994 7,611 25,886 23,052
Income tax expense 1,827 2,187 5,017 7,185
Net income 7,167 5,424 20,869 15,867
Preferred stock dividends 466 465 1,212 1,328
Net income applicable to common shareholders $ 6,701 $ 4,959 $ 19,657 $ 14,539
Per common share information        
Earnings (in dollars per share) $ 0.67 $ 0.49 $ 1.93 $ 1.44
Diluted earnings (in dollars per share) 0.66 0.46 1.91 1.36
Dividends paid (in dollars per share) $ 0.15 $ 0.12 $ 0.39 $ 0.27
Average common shares issued and outstanding (in shares) 10,031.6 10,197.9 10,177.5 10,103.4
Average diluted common shares issued and outstanding (in shares) 10,170.8 10,746.7 10,317.9 10,832.1