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, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net interest income        
Interest income $ 11,486 $ 17,916 $ 40,124 $ 54,310
Interest expense 1,357 5,729 7,017 17,559
Net interest income 10,129 12,187 33,107 36,751
Noninterest income        
Fees and commissions 8,777 8,467 25,490 24,495
Market making and similar activities 1,689 2,118 6,983 7,267
Other income (259) 35 (151) 382
Total noninterest income 10,207 10,620 32,322 32,144
Total revenue, net of interest expense 20,336 22,807 65,429 68,895
Provision for credit losses 1,389 779 11,267 2,649
Noninterest expense        
Compensation and benefits 8,200 7,779 24,535 24,000
Occupancy and equipment 1,798 1,663 5,302 4,908
Information processing and communications 1,333 1,163 3,807 3,484
Product delivery and transaction related 930 696 2,518 2,067
Marketing 308 440 1,238 1,410
Professional fees 450 386 1,206 1,155
Other general operating 1,382 3,042 2,680 4,637
Total noninterest expense 14,401 15,169 41,286 41,661
Income before income taxes 4,546 6,859 12,876 24,585
Income tax expense (335) 1,082 452 4,149
Net income 4,881 5,777 12,424 20,436
Preferred stock dividends 441 505 1,159 1,186
Net income applicable to common shareholders $ 4,440 $ 5,272 $ 11,265 $ 19,250
Per common share information        
Earnings (in dollars per share) $ 0.51 $ 0.57 $ 1.29 $ 2.02
Diluted earnings (in dollars per share) $ 0.51 $ 0.56 $ 1.28 $ 2.01
Average common shares issued and outstanding (in shares) 8,732.9 9,303.6 8,762.6 9,516.2
Average diluted common shares issued and outstanding (in shares) 8,777.5 9,353.0 8,800.5 9,565.7