MORGAN STANLEY
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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18. Interest Income and Interest Expense
Table of Contents
Notes to Consolidated Financial Statements
- Interest Income and Interest Expense
| $ in millions | 2023 | 2022 | 2021 |
|---|---|---|---|
| Interest income | |||
| Cash and cash equivalents1 | $3,408 | $914 | $7 |
| Investment securities | 3,992 | 3,066 | 2,759 |
| Loans | 12,424 | 6,988 | 4,209 |
| Securities purchased under agreements to resell2 | 7,762 | 2,188 | (181) |
| Securities borrowed3 | 5,191 | 1,020 | (1,017) |
| Trading assets, net of Trading liabilities | 4,488 | 2,484 | 2,038 |
| Customer receivables and Other1 | 13,016 | 4,935 | 1,596 |
| Total interest income | $50,281 | $21,595 | $9,411 |
| Interest expense | |||
| Deposits | $8,216 | $1,825 | $409 |
| Borrowings | 11,437 | 5,054 | 2,725 |
| Securities sold under agreements to repurchase4 | 6,737 | 1,760 | 93 |
| Securities loaned5 | 784 | 503 | 401 |
| Customer payables and Other6 | 14,877 | 3,126 | (2,262) |
| Total interest expense | $42,051 | $12,268 | $1,366 |
| Net interest | $8,230 | $9,327 | $8,045 |
In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
Includes interest paid on Securities purchased under agreements to resell.
Includes fees paid on Securities borrowed.
Includes interest received on Securities sold under agreements to repurchase.
Includes fees received on Securities loaned.
Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
| $ in millions | AtDecember 31,2023 | AtDecember 31,2022 |
|---|---|---|
| Customer and other receivables | $4,206 | $4,139 |
| Customer and other payables | 4,360 | 4,273 |
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