MORGAN STANLEY
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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18. Interest Income and Interest Expense
- Interest Income and Interest Expense
| $ in millions | 2024 | 2023 | 2022 |
|---|---|---|---|
| Interest income | |||
| Cash and cash equivalents1 | $3,068 | $3,408 | $914 |
| Investment securities | 5,161 | 3,992 | 3,066 |
| Loans | 13,771 | 12,424 | 6,988 |
| Securities purchased under agreements to resell2 | 12,416 | 7,762 | 2,188 |
| Securities borrowed3 | 5,391 | 5,191 | 1,020 |
| Trading assets, net of Trading liabilities | 5,924 | 4,488 | 2,484 |
| Customer receivables and Other1,4 | 8,404 | 8,584 | 4,935 |
| Total interest income | $54,135 | $45,849 | $21,595 |
| Interest expense | |||
| Deposits | $10,368 | $8,216 | $1,825 |
| Borrowings | 13,242 | 11,437 | 5,054 |
| Securities sold under agreements to repurchase5 | 10,787 | 6,737 | 1,760 |
| Securities loaned6 | 1,036 | 784 | 503 |
| Customer payables and Other4,7 | 10,091 | 10,445 | 3,126 |
| Total interest expense | $45,524 | $37,619 | $12,268 |
| Net interest | $8,611 | $8,230 | $9,327 |
In 2023, interest-bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior year 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 $4,432 million for the year ended December 31, 2023, 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 | AtDecember 31,2024 | AtDecember 31,2023 |
|---|---|---|
| Customer and other receivables | $3,322 | $4,206 |
| Customer and other payables | 3,938 | 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.