MORGAN STANLEY
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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17. Interest Income and Interest Expense
- Interest Income and Interest Expense
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| $ in millions | 2024 | 2023 | 2024 | 2023 |
| Interest income | ||||
| Cash and cash equivalents1 | $680 | $930 | $2,316 | 2,484 |
| Investment securities | 1,335 | 1,019 | 3,809 | 2,886 |
| Loans | 3,557 | 3,236 | 10,345 | 9,105 |
| Securities purchased under agreements to resell2 | 3,580 | 1,977 | 9,121 | 5,282 |
| Securities borrowed3 | 1,384 | 1,307 | 4,118 | 3,848 |
| Trading assets, net of Trading liabilities | 1,577 | 1,334 | 4,490 | 3,171 |
| Customer receivables and Other1, 4 | 2,072 | 2,323 | 6,445 | 6,243 |
| Total interest income | $14,185 | $12,126 | $40,644 | $33,019 |
| Interest expense | ||||
| Deposits | $2,751 | $2,271 | $7,777 | $5,793 |
| Borrowings | 3,434 | 2,992 | 9,985 | 8,267 |
| Securities sold under agreements to repurchase5 | 2,994 | 1,897 | 8,120 | 4,567 |
| Securities loaned6 | 274 | 208 | 767 | 575 |
| Customer payables and Other4, 7 | 2,536 | 2,781 | 7,936 | 7,484 |
| Total interest expense | $11,989 | $10,149 | $34,585 | $26,686 |
| Net interest | $2,196 | $1,977 | $6,059 | $6,333 |
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.
Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,179 million and $3,204 million for the three months and nine months ended September 30, 2023, respectively, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information.
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 | At September 30,2024 | At December 31,2023 |
|---|---|---|
| Customer and other receivables | $5,326 | $4,206 |
| Customer and other payables | 5,473 | 4,360 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.