MORGAN STANLEY

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

MS$187.10+3.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Financial Data Supplement (Unaudited)

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

2023 · 2022
$ in millions · AverageDailyBalance · Interest · AverageRate · AverageDailyBalance · Interest · AverageRate
Interest earning assets
Cash and cash equivalents1:
U.S.	$56,920	$2,386	4.2%	$57,889		$692	1.2%
Non-U.S.	48,373	1,022	2.1%	58,052		222	0.4%
Investment securities2	153,307	3,992	2.6%	167,494		3,066	1.8%
Loans2	215,628	12,424	5.8%	205,069		6,988	3.4%
Securities purchased under agreements to resell3:
U.S.	47,604	4,714	9.9%	57,565		1,643	2.9%
Non-U.S.	61,766	3,048	4.9%	62,585		545	0.9%
Securities borrowed4:
U.S.	115,279	4,794	4.2%	123,288		1,039	0.8%
Non-U.S.	18,514	397	2.1%	19,345		(19)	(0.1)%
Trading assets, net of Trading liabilities5:
U.S.	93,409	3,792	4.1%	74,932		2,068	2.8%
Non-U.S.	12,788	696	5.4%	14,748		416	2.8%
Customer receivables and Other1:
U.S.	45,815	9,585	20.9%	56,040		3,798	6.8%
Non-U.S.	14,485	3,431	23.7%	15,891		1,137	7.2%
Total	$883,888	$50,281	5.7%	$912,898		$21,595	2.4%
Interest bearing liabilities
Deposits2	$342,583	$8,216	2.4%	$340,741		$1,825	0.5%
Borrowings2, 6	238,164	11,437	4.8%	229,255		5,054	2.2%
Securities sold under agreements to repurchase7,9:
U.S.	22,718	3,591	15.8%	21,481		1,086	5.1%
Non-U.S.	46,392	3,146	6.8%	39,631		674	1.7%
Securities loaned8,9:
U.S.	4,244	67	1.6%	6,277		37	0.6%
Non-U.S.	9,470	717	7.6%	7,669		466	6.1%
Customer payables and Other10:
U.S.	133,069	10,225	7.7%	143,448		1,991	1.4%
Non-U.S.	63,916	4,652	7.3%	73,291		1,135	1.5%
Total	$860,556	$42,051	4.9%	$861,793		$12,268	1.4%
Net interest income and net interest rate spread	$8,230	0.8%	$9,327		1.0%

Effect of Volume and Rate Changes on Net Interest Income

	2023 versus 2022
	Increase (Decrease)Due to Change in:
$ in millions	Volume	Rate	Net Change
Interest earning assets
Cash and cash equivalents1:
U.S.	$(12)	$1,706	$1,694
Non-U.S.	(37)	837	800
Investmentsecurities2	(260)	1,186	926
Loans2	360	5,076	5,436
Securities purchased under agreements to resell3:
U.S.	(284)	3,355	3,071
Non-U.S.	(7)	2,510	2,503
Securities borrowed4:
U.S.	(67)	3,822	3,755
Non-U.S.	1	415	416
Trading assets, net of Trading liabilities5:
U.S.	510	1,214	1,724
Non-U.S.	(55)	335	280
Customer receivables and Other1:
U.S.	(693)	6,480	5,787
Non-U.S.	(101)	2,395	2,294
Change in interest income	$(645)	$29,331	$28,686
Interest bearing liabilities
Deposits2	$10	$6,381	$6,391
Borrowings2,6	196	6,187	6,383
Securities sold under agreements to repurchase7,9:
U.S.	63	2,442	2,505
Non-U.S.	115	2,357	2,472
Securities loaned8,9:
U.S.	(12)	42	30
Non-U.S.	109	142	251
Customer payables and Other10:
U.S.	(144)	8,378	8,234
Non-U.S.	(145)	3,662	3,517
Change in interest expense	$192	$29,591	$29,783
Change in net interest income	$(837)	$(260)	$(1,097)

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

	2021
$ in millions	AverageDailyBalance	Interest	AverageRate
Interest earning assets
Cash and cash equivalents1:
U.S.	$62,340	$44	0.1%
Non-U.S.	52,106	(37)	(0.1)%
Investment securities2	182,896	2,759	1.5%
Loans2	166,675	4,209	2.5%
Securities purchased under agreements to resell3:
U.S.	55,274	86	0.2%
Non-U.S.	53,323	(267)	(0.5)%
Securities borrowed4:
U.S.	99,667	(825)	(0.8)%
Non-U.S.	17,387	(192)	(1.1)%
Trading assets, net of Trading liabilities5:
U.S.	77,916	1,644	2.1%
Non-U.S.	19,559	394	2.0%
Customer receivables and Other1:
U.S.	72,665	1,365	1.9%
Non-U.S.	21,962	231	1.1%
Total	$881,770	$9,411	1.1%
Interest bearing liabilities
Deposits2	$325,500	$409	0.1%
Borrowings2,6	224,657	2,725	1.2%
Securities sold under agreements to repurchase7,9:
U.S.	29,383	157	0.5%
Non-U.S.	27,374	(64)	(0.2)%
Securities loaned8,9:
U.S.	4,816	29	0.6%
Non-U.S.	5,514	372	6.7%
Customer payables and Other10:
U.S.	132,899	(1,825)	(1.4)%
Non-U.S.	76,185	(437)	(0.6)%
Total	$826,328	$1,366	0.2%
Net interest income and net interest rate spread	$8,045	0.9%

Effect of Volume and Rate Changes on Net Interest Income

	2022 versus 2021
	Increase (Decrease)Due to Change in:
$ in millions	Volume	Rate	Net Change
Interest earning assets
Cash and cash equivalents1:
U.S.	$(3)	$651	$648
Non-U.S.	(4)	263	259
Investment securities2	(232)	539	307
Loans2	970	1,809	2,779
Securities purchased under agreements to resell3:
U.S.	4	1,553	1,557
Non-U.S.	(46)	858	812
Securities borrowed4:
U.S.	(196)	2,060	1,864
Non-U.S.	(22)	195	173
Trading assets, net of Trading liabilities5:
U.S.	(63)	487	424
Non-U.S.	(97)	119	22
Customer receivables and Other1:
U.S.	(312)	2,745	2,433
Non-U.S.	(64)	970	906
Change in interest income	$(65)	$12,249	$12,184
Interest bearing liabilities
Deposits2	$19	$1,397	$1,416
Borrowings2,6	56	2,273	2,329
Securities sold under agreements to repurchase7,9:
U.S.	(42)	971	929
Non-U.S.	(29)	767	738
Securities loaned8,9:
U.S.	9	(1)	8
Non-U.S.	145	(51)	94
Customer payables and Other10:
U.S.	(145)	3,961	3,816
Non-U.S.	17	1,555	1,572
Change in interest expense	$30	$10,872	$10,902
Change in net interest income	$(95)	$1,377	$1,282

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.
Amounts include primarily U.S. balances.
Includes interest paid on Securities purchased under agreements to resell.
Includes fees paid on Securities borrowed.
Excludes non-interest earning assets and non-interest bearing liabilities, such as equity securities.
Average daily balance includes borrowings carried at fair value, but for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
Includes interest received on Securities sold under agreements to repurchase.
Includes fees received on Securities loaned.
The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.
Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.

Table of Contents

Financial Data Supplement (Unaudited)

	Average Daily Deposits
	2023		2022		2021
$ in millions	AverageAmount	AverageRate	AverageAmount	AverageRate	AverageAmount	AverageRate
Deposits1:
Savings and demand	$286,513	2.0%	$321,316	0.4%	$304,664	—%
Time	56,070	4.3%	19,425	2.7%	20,836	1.7%
Total	$342,583	2.4%	$340,741	0.5%	$325,500	0.1%

The Firm’s deposits were primarily held in U.S. offices.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.