Goldman Sachs 2012 Annual Report Download - page 193

Notes to Consolidated Financial Statements
Note 23.
Interest Income and Interest Expense
Interest income is recorded on an accrual basis based on
contractual interest rates. The table below presents the
sources of interest income and interest expense.
Year Ended December
in millions 2012 2011 2010
Interest income
Deposits with banks $ 156 $ 125 $ 86
Securities borrowed, securities purchased under agreements to resell and federal funds sold 1(77) 666 540
Financial instruments owned, at fair value 9,817 10,718 10,346
Other interest 21,485 1,665 1,337
Total interest income 11,381 13,174 12,309
Interest expense
Deposits 399 280 304
Securities loaned and securities sold under agreements to repurchase 822 905 708
Financial instruments sold, but not yet purchased, at fair value 2,438 2,464 1,859
Short-term borrowings 3581 526 453
Long-term borrowings 33,736 3,439 3,155
Other interest 4(475) 368 327
Total interest expense 7,501 7,982 6,806
Net interest income $ 3,880 $ 5,192 $ 5,503
1. Includes rebates paid and interest income on securities borrowed.
2. Includes interest income on customer debit balances and other interest-earning assets.
3. Includes interest on unsecured borrowings and other secured financings.
4. Includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances.
Goldman Sachs 2012 Annual Report 191