BANK OF AMERICA CORP /DE/ 10-Q form for quarterly period ended 2024-06-30, page 49: 
Item 1. Financial Statements


Bank of America Corporation and Subsidiaries

|    |                                                      |                            |        |                          |         |      |        |         |    |         |    |        |
|---:|:-----------------------------------------------------|:---------------------------|:-------|:-------------------------|:--------|:-----|:-------|:--------|:---|:--------|:---|:-------|
|  2 | Consolidated Statement of Income                     |                            |        |                          |         |      |        |         |    |         |    |        |
|  4 |                                                      | Three Months Ended June 30 |        | Six Months Ended June 30 |         |      |        |         |    |         |    |        |
|  5 | (In millions, except per share information)          | 2024                       |        | 2023                     |         | 2024 |        | 2023    |    |         |    |        |
|  6 | Net interest income                                  |                            |        |                          |         |      |        |         |    |         |    |        |
|  7 | Interest income                                      | $                          | 36,854 |                          |         | $    | 32,354 |         | $  | 73,139  | $  | 61,009 |
|  8 | Interest expense                                     | 23,152                     |        |                          | 18,196  |      |        | 45,405  |    | 32,403  |    |        |
|  9 | Net interest income                                  | 13,702                     |        |                          | 14,158  |      |        | 27,734  |    | 28,606  |    |        |
| 11 | Noninterest income                                   |                            |        |                          |         |      |        |         |    |         |    |        |
| 12 | Fees and commissions                                 | 8,969                      |        |                          | 7,961   |      |        | 17,629  |    | 15,855  |    |        |
| 13 | Market making and similar activities                 | 3,298                      |        |                          | 3,697   |      |        | 7,186   |    | 8,409   |    |        |
| 14 | Other income (loss)                                  | (592)                      |        |                          | (619)   |      |        | (1,354) |    | (1,415) |    |        |
| 15 | Total noninterest income                             | 11,675                     |        |                          | 11,039  |      |        | 23,461  |    | 22,849  |    |        |
| 16 | Total revenue, net of interest expense               | 25,377                     |        |                          | 25,197  |      |        | 51,195  |    | 51,455  |    |        |
| 18 | Provision for credit losses                          | 1,508                      |        |                          | 1,125   |      |        | 2,827   |    | 2,056   |    |        |
| 20 | Noninterest expense                                  |                            |        |                          |         |      |        |         |    |         |    |        |
| 21 | Compensation and benefits                            | 9,826                      |        |                          | 9,401   |      |        | 20,021  |    | 19,319  |    |        |
| 22 | Occupancy and equipment                              | 1,818                      |        |                          | 1,776   |      |        | 3,629   |    | 3,575   |    |        |
| 23 | Information processing and communications            | 1,763                      |        |                          | 1,644   |      |        | 3,563   |    | 3,341   |    |        |
| 24 | Product delivery and transaction related             | 891                        |        |                          | 956     |      |        | 1,742   |    | 1,846   |    |        |
| 25 | Professional fees                                    | 654                        |        |                          | 527     |      |        | 1,202   |    | 1,064   |    |        |
| 26 | Marketing                                            | 487                        |        |                          | 513     |      |        | 942     |    | 971     |    |        |
| 27 | Other general operating                              | 870                        |        |                          | 1,221   |      |        | 2,447   |    | 2,160   |    |        |
| 30 | Total noninterest expense                            | 16,309                     |        |                          | 16,038  |      |        | 33,546  |    | 32,276  |    |        |
| 31 | Income before income taxes                           | 7,560                      |        |                          | 8,034   |      |        | 14,822  |    | 17,123  |    |        |
| 32 | Income tax expense                                   | 663                        |        |                          | 626     |      |        | 1,251   |    | 1,554   |    |        |
| 33 | Net income                                           | $                          | 6,897  |                          |         | $    | 7,408  |         | $  | 13,571  | $  | 15,569 |
| 34 | Preferred stock dividends                            | 315                        |        |                          | 306     |      |        | 847     |    | 811     |    |        |
| 35 | Net income applicable to common shareholders         | $                          | 6,582  |                          |         | $    | 7,102  |         | $  | 12,724  | $  | 14,758 |
| 37 | Per common share information                         |                            |        |                          |         |      |        |         |    |         |    |        |
| 38 | Earnings                                             | $                          | 0.83   |                          |         | $    | 0.88   |         | $  | 1.60    | $  | 1.83   |
| 39 | Diluted earnings                                     | 0.83                       |        |                          | 0.88    |      |        | 1.59    |    | 1.82    |    |        |
| 41 | Average common shares issued and outstanding         | 7,897.9                    |        |                          | 8,040.9 |      |        | 7,933.3 |    | 8,053.5 |    |        |
| 42 | Average diluted common shares issued and outstanding | 7,960.9                    |        |                          | 8,080.7 |      |        | 7,996.2 |    | 8,162.6 |    |        |
|    |                                                        |                            |       |                          |         |      |       |       |    |        |    |        |
|---:|:-------------------------------------------------------|:---------------------------|:------|:-------------------------|:--------|:-----|:------|:------|:---|:-------|:---|:-------|
|  2 | Consolidated Statement of Comprehensive Income         |                            |       |                          |         |      |       |       |    |        |    |        |
|  4 |                                                        | Three Months Ended June 30 |       | Six Months Ended June 30 |         |      |       |       |    |        |    |        |
|  5 | (Dollars in millions)                                  | 2024                       |       | 2023                     |         | 2024 |       | 2023  |    |        |    |        |
|  6 | Net income                                             | $                          | 6,897 |                          |         | $    | 7,408 |       | $  | 13,571 | $  | 15,569 |
|  7 | Other comprehensive income (loss), net-of-tax:         |                            |       |                          |         |      |       |       |    |        |    |        |
|  8 | Net change in debt securities                          | (305)                      |       |                          | 168     |      |       | 27    |    | 723    |    |        |
|  9 | Net change in debit valuation adjustments              | 53                         |       |                          | (404)   |      |       | (135) |    | (394)  |    |        |
| 10 | Net change in derivatives                              | 686                        |       |                          | (1,993) |      |       | 270   |    | 49     |    |        |
| 11 | Employee benefit plan adjustments                      | 25                         |       |                          | 9       |      |       | 48    |    | 19     |    |        |
| 12 | Net change in foreign currency translation adjustments | (31)                       |       |                          | 5       |      |       | (51)  |    | 17     |    |        |
| 13 | Other comprehensive income (loss)                      | 428                        |       |                          | (2,215) |      |       | 159   |    | 414    |    |        |
| 14 | Comprehensive income (loss)                            | $                          | 7,325 |                          |         | $    | 5,193 |       | $  | 13,730 | $  | 15,983 |

See accompanying Notes to Consolidated Financial Statements.


|    |                    |
|---:|:-------------------|
|  1 | 49 Bank of America |

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-06-30, page 91: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
|    |                                                  |                             |        |                           |         |      |        |         |    |         |    |        |
|---:|:-------------------------------------------------|:----------------------------|:-------|:--------------------------|:--------|:-----|:-------|:--------|:---|:--------|:---|:-------|
|  1 |                                                  | Three months ended June 30, |        | Six months ended June 30, |         |      |        |         |    |         |    |        |
|  2 | (in millions, except per share data)             | 2024                        |        | 2023                      |         | 2024 |        | 2023    |    |         |    |        |
|  3 | Revenue                                          |                             |        |                           |         |      |        |         |    |         |    |        |
|  4 | Investment banking fees                          | $                           | 2,304  |                           |         | $    | 1,513  |         | $  | 4,258   | $  | 3,162  |
|  5 | Principal transactions                           | 6,814                       |        |                           | 6,910   |      |        | 13,604  |    | 14,525  |    |        |
|  6 | Lending- and deposit-related fees                | 1,828                       |        |                           | 1,828   |      |        | 3,730   |    | 3,448   |    |        |
|  7 | Asset management fees                            | 4,302                       |        |                           | 3,774   |      |        | 8,448   |    | 7,239   |    |        |
|  8 | Commissions and other fees                       | 1,924                       |        |                           | 1,739   |      |        | 3,729   |    | 3,434   |    |        |
| 10 | Investment securities losses                     | (547)                       |        |                           | (900)   |      |        | (913)   |    | (1,768) |    |        |
| 11 | Mortgage fees and related income                 | 348                         |        |                           | 278     |      |        | 623     |    | 499     |    |        |
| 12 | Card income                                      | 1,332                       |        |                           | 1,094   |      |        | 2,550   |    | 2,328   |    |        |
| 13 | Other income                                     | 9,149                       |        |                           | 3,292   |      |        | 10,277  |    | 4,299   |    |        |
| 14 | Noninterest revenue                              | 27,454                      |        |                           | 19,528  |      |        | 46,306  |    | 37,166  |    |        |
| 15 | Interest income                                  | 48,513                      |        |                           | 41,644  |      |        | 95,951  |    | 78,648  |    |        |
| 16 | Interest expense                                 | 25,767                      |        |                           | 19,865  |      |        | 50,123  |    | 36,158  |    |        |
| 17 | Net interest income                              | 22,746                      |        |                           | 21,779  |      |        | 45,828  |    | 42,490  |    |        |
| 18 | Total net revenue                                | 50,200                      |        |                           | 41,307  |      |        | 92,134  |    | 79,656  |    |        |
| 20 | Provision for credit losses                      | 3,052                       |        |                           | 2,899   |      |        | 4,936   |    | 5,174   |    |        |
| 22 | Noninterest expense                              |                             |        |                           |         |      |        |         |    |         |    |        |
| 23 | Compensation expense                             | 12,953                      |        |                           | 11,216  |      |        | 26,071  |    | 22,892  |    |        |
| 24 | Occupancy expense                                | 1,248                       |        |                           | 1,070   |      |        | 2,459   |    | 2,185   |    |        |
| 25 | Technology, communications and equipment expense | 2,447                       |        |                           | 2,267   |      |        | 4,868   |    | 4,451   |    |        |
| 26 | Professional and outside services                | 2,722                       |        |                           | 2,561   |      |        | 5,270   |    | 5,009   |    |        |
| 27 | Marketing                                        | 1,221                       |        |                           | 1,122   |      |        | 2,381   |    | 2,167   |    |        |
| 28 | Other expense                                    | 3,122                       |        |                           | 2,586   |      |        | 5,421   |    | 4,225   |    |        |
| 29 | Total noninterest expense                        | 23,713                      |        |                           | 20,822  |      |        | 46,470  |    | 40,929  |    |        |
| 30 | Income before income tax expense                 | 23,435                      |        |                           | 17,586  |      |        | 40,728  |    | 33,553  |    |        |
| 31 | Income tax expense                               | 5,286                       |        |                           | 3,114   |      |        | 9,160   |    | 6,459   |    |        |
| 32 | Net income                                       | $                           | 18,149 |                           |         | $    | 14,472 |         | $  | 31,568  | $  | 27,094 |
| 33 | Net income applicable to common stockholders     | $                           | 17,718 |                           |         | $    | 14,011 |         | $  | 30,661  | $  | 26,204 |
| 34 | Net income per common share data                 |                             |        |                           |         |      |        |         |    |         |    |        |
| 35 | Basic earnings per share                         | $                           | 6.13   |                           |         | $    | 4.76   |         | $  | 10.58   | $  | 8.86   |
| 36 | Diluted earnings per share                       | 6.12                        |        |                           | 4.75    |      |        | 10.56   |    | 8.85    |    |        |
| 38 | Weighted-average basic shares                    | 2,889.8                     |        |                           | 2,943.8 |      |        | 2,899.1 |    | 2,956.1 |    |        |
| 39 | Weighted-average diluted shares                  | 2,894.9                     |        |                           | 2,948.3 |      |        | 2,903.9 |    | 2,960.5 |    |        |

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

91






Question:  How does the noninterest income of Bank of America and JPMorgan Chase contribute to their overall performance for the three months ended June 30, 2024?
Answer: Bank of America:
- Noninterest income: $11,675 million
- Total revenue, net of interest expense: $25,377 million
- Contribution: Noninterest income contributes approximately 46% to the total revenue

JPMorgan Chase:
- Noninterest revenue: $27,454 million
- Total net revenue: $50,200 million
- Contribution: Noninterest revenue contributes approximately 55% to the total net revenue