MORGAN STANLEY

For the period ended Mar 31, 2025. Filed May 5, 2025.

About this filing

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.

Mar 31, 2025 · Filed May 5, 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

	Three Months Ended March 31,
2025 · 2024
$ in millions · Average Daily Balance · Interest · Annualized Average Rate · Average Daily Balance · Interest · Annualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.	$55,223	$447	3.3%	$52,696		$633	4.8%
Non-U.S.	42,083	212	2.0%	43,661		270	2.5%
Investment securities1	158,395	1,280	3.3%	153,866		1,197	3.1%
Loans1	241,885	3,325	5.6%	217,921		3,305	6.1%
Securities purchased under agreements to resell2:
U.S.	66,638	2,213	13.5%	52,260		1,496	11.5%
Non-U.S.	41,448	1,203	11.8%	49,595		1,034	8.4%
Securities borrowed3:
U.S.	113,539	1,048	3.7%	108,288		1,257	4.7%
Non-U.S.	16,125	68	1.7%	18,835		119	2.5%
Trading assets, net of Trading liabilities:
U.S.	111,891	1,248	4.5%	107,970		1,175	4.4%
Non-U.S.	18,435	191	4.2%	18,329		207	4.5%
Customer receivables and Other:
U.S.	60,918	2,006	13.4%	47,180		1,700	14.5%
Non-U.S.	16,474	507	12.5%	17,502		537	12.3%
Total	$943,054	$13,748	5.9%	$888,103		$12,930	5.9%
Interest bearing liabilities
Deposits1	$370,745	$2,522	2.8%	$346,946		$2,476	2.9%
Borrowings1,4	282,999	3,018	4.3%	251,956		3,223	5.1%
Securities sold under agreements to repurchase5,7:
U.S.	18,108	1,786	40.0%	24,410		1,221	20.1%
Non-U.S.	50,533	1,283	10.3%	58,316		1,181	8.1%
Securities loaned6,7:
U.S.	10,093	29	1.2%	5,790		17	1.2%
Non-U.S.	6,048	227	15.2%	8,979		207	9.3%
Customer payables and Other8:
U.S.	119,309	1,776	6.0%	124,018		1,891	6.1%
Non-U.S.	58,052	754	5.3%	64,756		918	5.7%
Total	$915,887	$11,395	5.0%	$885,171		$11,134	5.1%
Net interest income and net interest rate spread	$2,353	0.9%	$1,796		0.8%

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.

73	March 2025 Form 10-Q

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