Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income (Tables)

v3.23.2
Net Interest Income and Noninterest Income (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2023 and 2022. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2023 2022 2023 2022
Net interest income
Interest income
Loans and leases $ 13,970  $ 8,222  $ 27,067  $ 15,574 
Debt securities 4,691  4,049  10,151  7,872 
Federal funds sold and securities borrowed or purchased under agreements to resell 4,955  396  8,667  389 
Trading account assets 2,076  1,223  4,104  2,304 
Other interest income 6,662  1,085  11,020  1,730 
Total interest income 32,354  14,975  61,009  27,869 
Interest expense
Deposits 5,785  320  10,099  484 
Short-term borrowings 8,355  553  14,535  441 
Trading account liabilities 472  370  976  734 
Long-term debt 3,584  1,288  6,793  2,194 
Total interest expense 18,196  2,531  32,403  3,853 
Net interest income $ 14,158  $ 12,444  $ 28,606  $ 24,016 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 1,023  $ 1,072  $ 1,979  $ 2,007 
Other card income 523  483  1,036  951 
Total card income 1,546  1,555  3,015  2,958 
Service charges
Deposit-related fees 1,045  1,417  2,142  2,947 
Lending-related fees 319  300  632  603 
Total service charges 1,364  1,717  2,774  3,550 
Investment and brokerage services
Asset management fees 2,969  3,102  5,887  6,388 
Brokerage fees 870  989  1,804  1,995 
Total investment and brokerage services 3,839  4,091  7,691  8,383 
Investment banking fees
Underwriting income 657  435  1,226  1,107 
Syndication fees 180  301  411  613 
Financial advisory services 375  392  738  865 
Total investment banking fees 1,212  1,128  2,375  2,585 
Total fees and commissions 7,961  8,491  15,855  17,476 
Market making and similar activities 3,697  2,717  8,409  5,955 
Other income (loss) (619) (964) (1,415) (1,531)
Total noninterest income $ 11,039  $ 10,244  $ 22,849  $ 21,900 
(1)Gross interchange fees and merchant income are $3.4 billion and $3.3 billion for the three months ended June 30, 2023 and 2022 and are presented net of $2.4 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $6.6 billion and $6.2 billion for the six months ended June 30, 2023 and 2022 and are presented net of $4.6 billion and $4.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.