A deep dive into the six largest Bank Holding Company financial statements and specifically the Consolidated Income Statement, comparing share and trends over time.

Introduction

Large Bank Holding Companies (BHCs) in the US are required to file quarterly consolidated financial statements by the Federal Reserve System. These are published 45 days after quarter end on the FFIEC NIC Website, with a number of different report types available.

In two recent blogs, Examining Consolidated Financial Statements for Bank Holding Companies and Building an App for Market Risk Capital Metrics of US Banks, I took a first look at this data with the lens of using LLMs to examine the data and build views.

The focus of today’s post is not on using LLMs, but on analysing the data.

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The dashboard covers:

• FR Y-9C, Consolidated Financial Statements for Holding Companies
• FFIEC102, Market Risk Regulatory Reports
• Six largest BHCs, with more to be added
• Current and Historical Data for comparisons, share and trends
• Updated quarterly, with data downloadable in a clean, AI-ready format.

Net Interest Income

Today I will concentrate on the Income Statement (aka Profit Loss Statement), so Revenue, Expenses and Net Income.

Lets start with one of the largest line items, Net Interest Income, the key metric when we think of the business of banking i.e. the difference between what a bank earns on its assets (e.g. loans) and pays on it’s liabilities (e.g. deposits).

• $70.6 billion of total net interest income in the quarter ending June 30, 2025 for the 6 largest BHCs.
• Previous quarters, each just below $70 billion
• Jun24 with $66.6 billion and Mar25 with $68.7 billion, representing YoY growth of 6% and QoQ growth of 3%.
• JP Morgan with the largest share, $23.3 billion or 33% in the Jun25 quarter.
• Bank of America and Citigroup, tied with $14.5 billion each, representing 20.6% share
• Wells Fargo at $11.8 billion has 16.7% share in the Jun25 quarter.

BHCs continuing to grow net interest income, even with near term expectations of the Fed lowering interest rates

Total Non-Interest Income

For decades now, Banking has been about far more than just Interest Income and looking at Total Non-Interest Income, shows this very clearly.

• $75.2 billion of total non interest income in the quarter ending June 30, 2025 for the 6 largest BHCs, is higher than net interest income of $70.6 billion
• $78.5 billion in the quarter ending March 31, 2025, a record high for the period shown
• Prior quarters, all just above $70 billion,
• JP Morgan with the largest share, $21.9 billion or 29% in the Jun25 quarter.
• Morgan Stanley next with $13.4 billion or 17.8%
• Bank of America $12.2 billion or 16.3%
• Goldman Sachs $11.5 billion or 15.3%

While the higher non interest income over interest income is due largely to Morgan Stanley and Goldman Sachs results, we can see that for the other BHCs, non interest income is not far below interest income, except for Citigroup where it is $7 billion versus $14.5 billion.

Sources of Non-Interest Income

Next, lets look into the detail of Non-Interest Income, where the major categories are:

• Trading Revenue
• Investment Banking
• Securities Brokerage
• Fiduciary Activities
• Service Charges

• $31 billion trading revenue in the quarter ending June 30, 2025 for the 6 largest BHCs
• This represents 41% of the $75.2 billion total non-interest income
• Dec24 quarter with $17.5 billion, much lower than other quarters, showing the impact of market volatility or lack off in the earnings of trading businesses.
• JP Morgan with the largest share, $11.5 billion or 36% in the Jun25 quarter, even more dominant than in prior charts
• Citigroup next with $6.8 billion or 22%
• Goldman Sachs with $5.1 billion or 16.4%
• Wells Fargo a comparative laggard in trading revenue

• $18.25 billion of investment banking, advisory and underwriting fees and commissions in the quarter ending June 30, 2025 for the 6 largest BHCs
• This represents 24% of the $75.2 billion total non-interest income
• A high of $18.9 billion in the Dec24 quarter and a low of $17.2 billion in Jun25 quarter.
• Morgan Stanley with the largest share, $6.5 billion or 36% in the Jun25 quarter
• Goldman Sachs next with $4.8 billion or 26%
• Wells Fargo with $2.65 billion or 14.5%

• $10.8 billion of fees and commissions from securities brokerage in the quarter ending June 30, 2025 for the 6 largest BHCs
• This represents 14% of the $75.2 billion total non-interest income
• Brokerage fees increasing from $9.5 billion in Jun24 to $10.8 billion in Mar25, an increase of 13.7%.
• Bank of America with the largest share, $4 billion or 38% in the Jun25 quarter
• Morgan Stanley next with $2.3 billion or 22%

• $6.7 billion of incomes from fiduciary activities (trust & custody) in the quarter ending June 30, 2025 for the 6 largest BHCs
• This represents 9% of the $75.2 billion total non-interest income
• JP Morgan dominant with $4.9 billion or 73% in Jun25
• Citigroup the next largest at $0.9 billion or 13%

• $4.0 billion of service charges, commissions & fees (all those fees you see on your personal bank statements and more)in the quarter ending June 30, 2025 for the 6 largest BHCs
• This represents 5% of the $75.2 billion total non-interest income
• JP Morgan with $1.5 billion or 38% in Jun25
• Wells Fargo with $1.1 billion or 28.5%
• Bank of America with $1 billion or 24.6%

The above categories (Trading Revenue, Investment Banking, Securities Brokerage, Fiduciary Activities and Service Charges) represent $70.75 billion or 94% or the total non-interest income in Q2 2025.

Expenses and Income

So far, I have looked only at Income (Revenue) measures and while the first chart for Net Interest Income can be broken down into Total Interest Income and Total Interest Expense, let’s look now at Total Noninterest Expense (Salaries, Premises, Data, IT, Marketing etc).

• $89.8 billion of total non-interest expense in the quarter ending June 30, 2025 for the 6 largest BHCs.
• Jun24 with $86.4 billion, an increase YoY of 4%
• JP Morgan the largest expense of $24 billion in the Jun25 quarter
• Goldman Sachs the lowest of $9.2 billion

And what then of Income or Profit?

Well there are a number of measures for that (e.g. before taxes, after taxes) , we will take the final one (after taxes and other adjustments, which is simply called Net Income attributable to BHCs.

• $38.9 billion of net income in the quarter ending June 30, 2025 for the 6 largest BHCs.
• Relatively consistent net income each quarter, ranging between $34.3 billion to $40 billion
• JP Morgan with a dominant share of total net income at $15 billion or 38.5% in the Jun25 quarter
• Bank of America next with $7.1 billion
• Wells Fargo with $5.5 billion

There is a lot more detail in the Consolidated Income Statement data, not to mention the Consolidated Balance Sheet detail, but I will leave it there for today.

Market Risk

Before we end, a chart from the Market Risk Regulatory Report.

Value-at-Risk, average over the quarter (60 business days), for a 99% confidence level and 10-day horizon.

• A cumulative $1.37 billion in the quarter ending June 30, 2025 for the 6 largest BHCs.
• Up from $1.26 billion in Jun 24, an increase of 9%
• Goldman Sachs by far the largest with $428 million or 31% of the risk in the Jun 25 quarter
• Morgan Stanley, Bank of America and JP Morgan each in the range $235 million to $211 million

Remember Value-at-Risk is not only a function of the market risk in a position but also the recent (1-year) market volatility.

What would happen in high volatility stressed markets?

There is a Stressed VaR measure for that.

• A cumulative $3.55 billion in the quarter ending June 30, 2025 for the 6 largest BHCs, so 2.6 times the $1.37 billion VaR average.
• Of-course not all six firms are going to hit this stressed VaR in the same quarter (we can see from the data that the chosen stressed periods vary by, so some have 2008, others 2019)
• Goldman Sachs again by far the largest with $1.34 billion or 37% of the risk in the Jun 25 quarter
• Citigroup the lowest with $254 million

That’s all for today.

In Summary

Bank Holding Companies reported strong Q2 2025 results:

• Net interest income of $70.6 billion and $75.2 billion of non-interest income.
• Trading, Investment Banking and Securities Brokerage represented 41%, 24%, and 14% of the total non-interest income
• JP Morgan dominated across most categories
• Morgan Stanley led investment banking
• Bank of America led securities brokerage..
• Total Net income in Q2 2025 was $38.9b, continuing a trend of strong quarterly profits
• Market Risk metrics highlighted Goldman Sachs with the most risk to market moves

I plan to cover this data on a regular basis.

If you are interested in this and more data, pease email us to request access to our BHC Dashboard.