MORGAN STANLEY

For the period ended Dec 31, 2024. Filed Feb 21, 2025.

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FY2024 · Filed Feb 21, 2025

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

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Contents

Financial Data Supplement (Unaudited)

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

2024 · 2023
$ in millions · AverageDailyBalance · Interest · AverageRate · AverageDailyBalance · Interest · AverageRate
Interest earning assets
Cash and cash equivalents1:
U.S.	$47,751	$2,004	4.2%	$56,920		$2,386	4.2%
Non-U.S.	43,406	1,064	2.5%	48,373		1,022	2.1%
Investment securities2	156,920	5,161	3.3%	153,307		3,992	2.6%
Loans2	226,454	13,771	6.1%	215,628		12,424	5.8%
Securities purchased under agreements to resell3:
U.S.	65,222	7,332	11.2%	47,604		4,714	9.9%
Non-U.S.	47,735	5,084	10.7%	61,766		3,048	4.9%
Securities borrowed4:
U.S.	110,024	4,985	4.5%	115,279		4,794	4.2%
Non-U.S.	18,224	406	2.2%	18,514		397	2.1%
Trading assets, net of Trading liabilities:
U.S.	106,063	5,016	4.7%	93,409		3,792	4.1%
Non-U.S.	14,385	908	6.3%	12,788		696	5.4%
Customer receivables and Other1,10:
U.S.	52,510	6,223	11.9%	45,815		6,314	13.8%
Non-U.S.	15,889	2,181	13.7%	14,485		2,270	15.7%
Total	$904,583	$54,135	6.0%	$883,888		$45,849	5.2%
Interest bearing liabilities
Deposits2	$350,487	$10,368	3.0%	$342,583		$8,216	2.4%
Borrowings2,5	265,473	13,242	5.0%	238,164		11,437	4.8%
Securities sold under agreements to repurchase6,8:
U.S.	18,442	5,336	28.9%	22,718		3,591	15.8%
Non-U.S.	52,135	5,451	10.5%	46,392		3,146	6.8%
Securities loaned7,8:
U.S.	9,499	108	1.1%	4,244		67	1.6%
Non-U.S.	6,853	928	13.5%	9,470		717	7.6%
Customer payables and Other9,10:
U.S.	128,853	6,478	5.0%	133,069		6,954	5.2%
Non-U.S.	61,237	3,613	5.9%	63,916		3,491	5.5%
Total	$892,979	$45,524	5.1%	$860,556		$37,619	4.4%
Net interest income and net interest rate spread	$8,611	0.9%	$8,230		0.8%

Effect of Volume and Rate Changes on Net Interest Income

	2024 versus 2023
	Increase (Decrease)Due to Change in:
$ in millions	Volume	Rate	Net Change
Interest earning assets
Cash and cash equivalents1:
U.S.	$(384)	$2	$(382)
Non-U.S.	(105)	147	42
Investment securities2	94	1,075	1,169
Loans2	624	723	1,347
Securities purchased under agreements to resell3:
U.S.	1,745	873	2,618
Non-U.S.	(692)	2,728	2,036
Securities borrowed4:
U.S.	(219)	410	191
Non-U.S.	(6)	15	9
Trading assets, net of Trading liabilities:
U.S.	514	710	1,224
Non-U.S.	87	125	212
Customer receivables and Other1,10:
U.S.	923	(1,014)	(91)
Non-U.S.	220	(309)	(89)
Change in interest income	$2,801	$5,485	$8,286
Interest bearing liabilities
Deposits2	$190	$1,962	$2,152
Borrowings2,5	1,311	494	1,805
Securities sold under agreements to repurchase6,8:
U.S.	(676)	2,421	1,745
Non-U.S.	389	1,916	2,305
Securities loaned7,8:
U.S.	83	(42)	41
Non-U.S.	(198)	409	211
Customer payables and Other9,10:
U.S.	(220)	(256)	(476)
Non-U.S.	(146)	268	122
Change in interest expense	$733	$7,172	$7,905
Change in net interest income	$2,068	$(1,687)	$381

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

	2022
$ in millions	AverageDailyBalance	Interest	AverageRate
Interest earning assets
Cash and cash equivalents1:
U.S.	$57,889	$692	1.2%
Non-U.S.	58,052	222	0.4%
Investment securities2	167,494	3,066	1.8%
Loans2	205,069	6,988	3.4%
Securities purchased under agreements to resell3:
U.S.	57,565	1,643	2.9%
Non-U.S.	62,585	545	0.9%
Securities borrowed4:
U.S.	123,288	1,039	0.8%
Non-U.S.	19,345	(19)	(0.1)%
Trading assets, net of Trading liabilities:
U.S.	74,932	2,068	2.8%
Non-U.S.	14,748	416	2.8%
Customer receivables and Other1:
U.S.	56,040	3,798	6.8%
Non-U.S.	15,891	1,137	7.2%
Total	$912,898	$21,595	2.4%
Interest bearing liabilities
Deposits2	$340,741	$1,825	0.5%
Borrowings2,5	229,255	5,054	2.2%
Securities sold under agreements to repurchase6,8:
U.S.	21,481	1,086	5.1%
Non-U.S.	39,631	674	1.7%
Securities loaned7,9:
U.S.	6,277	37	0.6%
Non-U.S.	7,669	466	6.1%
Customer payables and Other9:
U.S.	143,448	1,991	1.4%
Non-U.S.	73,291	1,135	1.5%
Total	$861,793	$12,268	1.4%
Net interest income and net interest rate spread	$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
Investment securities2	(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 liabilities:
U.S.	510	1,214	1,724
Non-U.S.	(55)	335	280
Customer receivables and Other1,10:
U.S.	(693)	3,209	2,516
Non-U.S.	(101)	1,234	1,133
Change in interest income	$(645)	$24,899	$24,254
Interest bearing liabilities
Deposits2	$10	$6,381	$6,391
Borrowings2,5	196	6,187	6,383
Securities sold under agreements to repurchase6,8:
U.S.	63	2,442	2,505
Non-U.S.	115	2,357	2,472
Securities loaned7,9:
U.S.	(12)	42	30
Non-U.S.	109	142	251
Customer payables and Other9,10:
U.S.	(144)	5,107	4,963
Non-U.S.	(145)	2,501	2,356
Change in interest expense	$192	$25,159	$25,351
Change in net interest income	$(837)	$(260)	$(1,097)

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.
Amounts include primarily U.S. balances.
Includes interest paid on Securities purchased under agreements to resell.
Includes fees paid on Securities borrowed.
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.
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.

Table of Contents

Financial Data Supplement (Unaudited)

	Average Daily Deposits
	2024		2023		2022
$ in millions	AverageAmount	AverageRate	AverageAmount	AverageRate	AverageAmount	AverageRate
Deposits1:
Savings and demand	$280,926	2.5%	$286,513	2.0%	$321,316	0.4%
Time	69,561	4.8%	56,070	4.3%	19,425	2.7%
Total	$350,487	3.0%	$342,583	2.4%	$340,741	0.5%

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.