Morgan Stanley 2005 Annual Report Download - page 32

FINANCIAL HIGHLIGHTS
Selected Financial Data
(Dollars in Millions, Except Share and Per Share Data)
Fiscal Year12005 2004 2003 2002 2001
Income Statement Data:
Revenues:
Investment banking $ 3,843 $ 3,341 $ 2,440 $ 2,478 $ 3,413
Principal transactions:
Trading 7,365 5,510 6,262 3,521 5,600
Investments 981 607 110 (25) (371)
Commissions 3,363 3,264 2,887 3,191 3,066
Fees:
Asset management, distribution and administration 4,958 4,473 3,814 4,033 4,304
Merchant, cardmember and other 1,323 1,317 1,377 1,421 1,348
Servicing and securitization income 1,609 1,921 1,922 2,032 1,861
Interest and dividends 28,175 18,584 15,738 15,876 24,112
Other 464 324 226 399 217
Total revenues 52,081 39,341 34,776 32,926 43,550
Interest expense 24,425 14,707 12,693 12,515 20,491
Provision for consumer loan losses 878 926 1,266 1,337 1,051
Net revenues 26,778 23,708 20,817 19,074 22,008
Non-interest expenses:
Compensation and benefits 11,313 9,853 8,522 7,910 9,352
Other 8,355 7,037 6,135 6,070 6,847
Restructuring and other charges — — — 235 —
September 11-related insurance recoveries, net (251) — — — —
Total non-interest expenses 19,417 16,890 14,657 14,215 16,199
Income from continuing operations before losses from
unconsolidated investees, income taxes, dividends
on preferred securities subject to mandatory
redemption and cumulative effect of accounting
change, net 7,361 6,818 6,160 4,859 5,809
Losses from unconsolidated investees 311 328 279 77 30
Provision for income taxes 1,858 1,856 1,707 1,625 2,076
Dividends on preferred securities subject to
mandatory redemption — 45 154 87 50
Income from continuing operations before
cumulative effect of accounting change, net 5,192 4,589 4,020 3,070 3,653
Discontinued operations:
Loss from discontinued operations (486) (172) (393) (138) (124)
Income tax benefit 184 69 160 56 51
Loss on discontinued operations (302) (103) (233) (82) (73)
Cumulative effect of accounting change, net 49 — — — (59)
Net income $ 4,939 $ 4,486 $ 3,787 $ 2,988 $ 3,521
Earnings applicable to common shares2$ 4,939 $ 4,486 $ 3,787 $ 2,988 $ 3,489
Per Share Data:
Earnings per basic share:
Income from continuing operations $ 4.94 $ 4.25 $ 3.74 $ 2.84 $ 3.33
Loss on discontinued operations (0.29) (0.10) (0.22) (0.08) (0.07)
Cumulative effect of accounting change, net 0.05 — — — (0.05)
Earnings per basic share $ 4.70 $ 4.15 $ 3.52 $ 2.76 $ 3.21
Earnings per diluted share:
Income from continuing operations $ 4.81 $ 4.15 $ 3.66 $ 2.76 $ 3.23
Loss on discontinued operations (0.29) (0.09) (0.21) (0.07) (0.07)
Cumulative effect of accounting change, net 0.05 — — — (0.05)
Earnings per diluted share $ 4.57 $ 4.06 $ 3.45 $ 2.69 $ 3.11
Book value per common share $ 27.59 $ 25.95 $ 22.93 $ 20.24 $ 18.64
Dividends per common share $ 1.08 $ 1.00 $ 0.92 $ 0.92 $ 0.92
Balance Sheet and Other Operating Data:
Total assets $ 898,523 $ 747,334 $ 602,843 $ 529,499 $ 482,628
Consumer loans, net 22,916 20,226 19,382 23,014 19,677
Total capital3125,891 110,793 82,769 65,936 61,633
Long-term borrowings396,709 82,587 57,902 44,051 40,917
Shareholders’ equity 29,182 28,206 24,867 21,885 20,716
Return on average common shareholders’ equity 17.3% 16.8% 16.5% 14.1% 18.0%
Average common and equivalent shares21,049,896,047 1,080,121,708 1,076,754,740 1,083,270,783 1,086,121,508
1Certain prior-period information has been reclassified to conform to the current year’s presentation.
2Amounts shown are used to calculate earnings per basic share.
3These amounts exclude the current portion of long-term borrowings and include Capital Units and junior subordinated debt issued to capital trusts.