BANK OF AMERICA CORP /DE/ 10-Q form for quarterly period ended 2024-03-31, page 43: 
Item 1. Financial Statements


Bank of America Corporation and Subsidiaries

|    |                                                      |                             |         |        |      |         |    |        |
|---:|:-----------------------------------------------------|:----------------------------|:--------|:-------|:-----|:--------|:---|:-------|
|  2 | Consolidated Statement of Income                     |                             |         |        |      |         |    |        |
|  4 |                                                      | Three Months Ended March 31 |         |        |      |         |    |        |
|  5 | (In millions, except per share information)          |                             | 2024    |        | 2023 |         |    |        |
|  6 | Net interest income                                  |                             |         |        |      |         |    |        |
|  7 | Interest income                                      |                             | $       | 36,285 |      |         | $  | 28,655 |
|  8 | Interest expense                                     |                             | 22,253  |        |      | 14,207  |    |        |
|  9 | Net interest income                                  |                             | 14,032  |        |      | 14,448  |    |        |
| 11 | Noninterest income                                   |                             |         |        |      |         |    |        |
| 12 | Fees and commissions                                 |                             | 8,660   |        |      | 7,894   |    |        |
| 13 | Market making and similar activities                 |                             | 3,888   |        |      | 4,712   |    |        |
| 14 | Other income (loss)                                  |                             | (762)   |        |      | (796)   |    |        |
| 15 | Total noninterest income                             |                             | 11,786  |        |      | 11,810  |    |        |
| 16 | Total revenue, net of interest expense               |                             | 25,818  |        |      | 26,258  |    |        |
| 18 | Provision for credit losses                          |                             | 1,319   |        |      | 931     |    |        |
| 20 | Noninterest expense                                  |                             |         |        |      |         |    |        |
| 21 | Compensation and benefits                            |                             | 10,195  |        |      | 9,918   |    |        |
| 22 | Occupancy and equipment                              |                             | 1,811   |        |      | 1,799   |    |        |
| 23 | Information processing and communications            |                             | 1,800   |        |      | 1,697   |    |        |
| 24 | Product delivery and transaction related             |                             | 851     |        |      | 890     |    |        |
| 25 | Professional fees                                    |                             | 548     |        |      | 537     |    |        |
| 26 | Marketing                                            |                             | 455     |        |      | 458     |    |        |
| 27 | Other general operating                              |                             | 1,577   |        |      | 939     |    |        |
| 30 | Total noninterest expense                            |                             | 17,237  |        |      | 16,238  |    |        |
| 31 | Income before income taxes                           |                             | 7,262   |        |      | 9,089   |    |        |
| 32 | Income tax expense                                   |                             | 588     |        |      | 928     |    |        |
| 33 | Net income                                           |                             | $       | 6,674  |      |         | $  | 8,161  |
| 34 | Preferred stock dividends                            |                             | 532     |        |      | 505     |    |        |
| 35 | Net income applicable to common shareholders         |                             | $       | 6,142  |      |         | $  | 7,656  |
| 37 | Per common share information                         |                             |         |        |      |         |    |        |
| 38 | Earnings                                             |                             | $       | 0.77   |      |         | $  | 0.95   |
| 39 | Diluted earnings                                     |                             | 0.76    |        |      | 0.94    |    |        |
| 41 | Average common shares issued and outstanding         |                             | 7,968.2 |        |      | 8,065.9 |    |        |
| 42 | Average diluted common shares issued and outstanding |                             | 8,031.4 |        |      | 8,182.3 |    |        |
|    |                                                        |                             |       |       |      |       |    |        |
|---:|:-------------------------------------------------------|:----------------------------|:------|:------|:-----|:------|:---|:-------|
|  2 | Consolidated Statement of Comprehensive Income         |                             |       |       |      |       |    |        |
|  4 |                                                        | Three Months Ended March 31 |       |       |      |       |    |        |
|  5 | (Dollars in millions)                                  |                             | 2024  |       | 2023 |       |    |        |
|  6 | Net income                                             |                             | $     | 6,674 |      |       | $  | 8,161  |
|  7 | Other comprehensive income (loss), net-of-tax:         |                             |       |       |      |       |    |        |
|  8 | Net change in debt securities                          |                             | 332   |       |      | 555   |    |        |
|  9 | Net change in debit valuation adjustments              |                             | (188) |       |      | 10    |    |        |
| 10 | Net change in derivatives                              |                             | (416) |       |      | 2,042 |    |        |
| 11 | Employee benefit plan adjustments                      |                             | 23    |       |      | 10    |    |        |
| 12 | Net change in foreign currency translation adjustments |                             | (20)  |       |      | 12    |    |        |
| 13 | Other comprehensive income (loss)                      |                             | (269) |       |      | 2,629 |    |        |
| 14 | Comprehensive income (loss)                            |                             | $     | 6,405 |      |       | $  | 10,790 |

See accompanying Notes to Consolidated Financial Statements.


|    |                    |
|---:|:-------------------|
|  1 | 43 Bank of America |

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
|    |                                                  |                              |        |      |         |    |        |
|---:|:-------------------------------------------------|:-----------------------------|:-------|:-----|:--------|:---|:-------|
|  1 |                                                  | Three months ended March 31, |        |      |         |    |        |
|  2 | (in millions, except per share data)             | 2024                         |        | 2023 |         |    |        |
|  3 | Revenue                                          |                              |        |      |         |    |        |
|  4 | Investment banking fees                          | $                            | 1,954  |      |         | $  | 1,649  |
|  5 | Principal transactions                           | 6,790                        |        |      | 7,615   |    |        |
|  6 | Lending- and deposit-related fees                | 1,902                        |        |      | 1,620   |    |        |
|  7 | Asset management fees                            | 4,146                        |        |      | 3,465   |    |        |
|  8 | Commissions and other fees                       | 1,805                        |        |      | 1,695   |    |        |
| 10 | Investment securities losses                     | (366)                        |        |      | (868)   |    |        |
| 11 | Mortgage fees and related income                 | 275                          |        |      | 221     |    |        |
| 12 | Card income                                      | 1,218                        |        |      | 1,234   |    |        |
| 13 | Other income                                     | 1,128                        |        |      | 1,007   |    |        |
| 14 | Noninterest revenue                              | 18,852                       |        |      | 17,638  |    |        |
| 15 | Interest income                                  | 47,438                       |        |      | 37,004  |    |        |
| 16 | Interest expense                                 | 24,356                       |        |      | 16,293  |    |        |
| 17 | Net interest income                              | 23,082                       |        |      | 20,711  |    |        |
| 18 | Total net revenue                                | 41,934                       |        |      | 38,349  |    |        |
| 20 | Provision for credit losses                      | 1,884                        |        |      | 2,275   |    |        |
| 22 | Noninterest expense                              |                              |        |      |         |    |        |
| 23 | Compensation expense                             | 13,118                       |        |      | 11,676  |    |        |
| 24 | Occupancy expense                                | 1,211                        |        |      | 1,115   |    |        |
| 25 | Technology, communications and equipment expense | 2,421                        |        |      | 2,184   |    |        |
| 26 | Professional and outside services                | 2,548                        |        |      | 2,448   |    |        |
| 27 | Marketing                                        | 1,160                        |        |      | 1,045   |    |        |
| 28 | Other expense                                    | 2,299                        |        |      | 1,639   |    |        |
| 29 | Total noninterest expense                        | 22,757                       |        |      | 20,107  |    |        |
| 30 | Income before income tax expense                 | 17,293                       |        |      | 15,967  |    |        |
| 31 | Income tax expense                               | 3,874                        |        |      | 3,345   |    |        |
| 32 | Net income                                       | $                            | 13,419 |      |         | $  | 12,622 |
| 33 | Net income applicable to common stockholders     | $                            | 12,942 |      |         | $  | 12,193 |
| 34 | Net income per common share data                 |                              |        |      |         |    |        |
| 35 | Basic earnings per share                         | $                            | 4.45   |      |         | $  | 4.11   |
| 36 | Diluted earnings per share                       | 4.44                         |        |      | 4.10    |    |        |
| 38 | Weighted-average basic shares                    | 2,908.3                      |        |      | 2,968.5 |    |        |
| 39 | Weighted-average diluted shares                  | 2,912.8                      |        |      | 2,972.7 |    |        |

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

83






Question: How much did costs grow for Bank of America and JPMorgan Chase for the three months ended March 31, 2024, compared to the same period in 2023?
Answer: The cost growth rate for Bank of America for the three months ended March 31, 2024, compared to the same period in 2023, is calculated as follows:
Total Noninterest Expense in 2024: $17,237 million
Total Noninterest Expense in 2023: $16,238 million
Cost Growth Rate = (Total Noninterest Expense in 2024 - Total Noninterest Expense in 2023) / Total Noninterest Expense in 2023 * 100
Cost Growth Rate for Bank of America = ($17,237 million - $16,238 million) / $16,238 million * 100 = 6.15%

The cost growth rate for JPMorgan Chase for the three months ended March 31, 2024, compared to the same period in 2023, is calculated as follows:
Total Noninterest Expense in 2024: $22,757 million
Total Noninterest Expense in 2023: $20,107 million
Cost Growth Rate = (Total Noninterest Expense in 2024 - Total Noninterest Expense in 2023) / Total Noninterest Expense in 2023 * 100
Cost Growth Rate for JPMorgan Chase = ($22,757 million - $20,107 million) / $20,107 million * 100 = 13.17%