Morgan Stanley (MS) Fixed Income Investor presentation summary

Capital position and financial strength

• Net income reached $15.0Bn in 2024, up from $9.1Bn in 2023, with common equity at $98.4Bn as of 1H25.

• Tangible common equity increased to $75.5Bn in 1H25, reflecting ongoing capital strength.

• Standardized Common Equity Tier 1 ratio remained robust at 15.0% in 2Q25.

• Supplementary leverage and Tier 1 leverage ratios were stable, supporting regulatory compliance.

Liquidity and funding

• Liquidity coverage ratio averaged 134% in 2Q25, with high-quality liquid assets at $293Bn.

• Total liquidity resources stood at $315Bn in 2Q25, with a diversified composition.

• Core funding comprised $389Bn in 2Q25, with deposits making up 41% of core funding.

• Weighted average maturity of borrowings was 6.5 years, enhancing funding durability.

Debt structure and loss-absorbing capacity

• Unsecured debt issuance diversified by currency and tenor, with $106Bn issued in 2021 and $61Bn in 1H25.

• Total loss-absorbing capacity (TLAC) as of 2Q25 was $337Bn, with actual ratios well above regulatory requirements.

• Eligible long-term debt as a percentage of RWA was 34.2%, and 11.0% of leverage exposure.