Exhibit 99.2
MORGAN STANLEY
SELECTED FINANCIAL DATA
(dollars in millions, except share and per share data)
| Fiscal Year | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Investment banking | $ | 4,755 | $ | 3,843 | $ | 3,341 | $ | 2,440 | $ | 2,478 | ||||||||||
Principal transactions: | ||||||||||||||||||||
Trading | 11,738 | 7,365 | 5,510 | 6,262 | 3,521 | |||||||||||||||
Investments | 1,669 | 981 | 607 | 110 | (25 | ) | ||||||||||||||
Commissions | 3,770 | 3,331 | 3,235 | 2,861 | 3,166 | |||||||||||||||
Fees: | ||||||||||||||||||||
Asset management, distribution and administration | 5,238 | 4,915 | 4,436 | 3,784 | 4,005 | |||||||||||||||
Merchant, cardmember and other fees, net | 1,167 | 1,323 | 1,317 | 1,377 | 1,421 | |||||||||||||||
Servicing and securitization income | 2,338 | 1,609 | 1,921 | 1,922 | 2,032 | |||||||||||||||
Interest and dividends | 45,199 | 28,160 | 18,575 | 15,729 | 15,870 | |||||||||||||||
Other | 571 | 464 | 323 | 227 | 398 | |||||||||||||||
Total revenues | 76,445 | 51,991 | 39,265 | 34,712 | 32,866 | |||||||||||||||
Interest expense | 41,937 | 24,425 | 14,706 | 12,693 | 12,513 | |||||||||||||||
Provision for consumer loan losses | 756 | 878 | 926 | 1,266 | 1,337 | |||||||||||||||
Net revenues | 33,752 | 26,688 | 23,633 | 20,753 | 19,016 | |||||||||||||||
Non-interest expenses: | ||||||||||||||||||||
Compensation and benefits | 14,328 | 11,267 | 9,812 | 8,483 | 7,868 | |||||||||||||||
Other | 8,451 | 8,330 | 7,011 | 6,115 | 6,051 | |||||||||||||||
Restructuring and other charges | — | — | — | — | 235 | |||||||||||||||
September 11th related insurance recoveries, net | — | (251 | ) | — | — | — | ||||||||||||||
Total non-interest expenses | 22,779 | 19,346 | 16,823 | 14,598 | 14,154 | |||||||||||||||
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 | 10,973 | 7,342 | 6,810 | 6,155 | 4,862 | |||||||||||||||
Losses from unconsolidated investees | 228 | 311 | 328 | 279 | 77 | |||||||||||||||
Provision for income taxes | 3,265 | 1,852 | 1,854 | 1,705 | 1,625 | |||||||||||||||
Dividends on preferred securities subject to mandatory redemption | — | — | 45 | 154 | 87 | |||||||||||||||
Income from continuing operations before cumulative effect of accounting change, net | 7,480 | 5,179 | 4,583 | 4,017 | 3,073 | |||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (15 | ) | (466 | ) | (163 | ) | (388 | ) | (143 | ) | ||||||||||
Income tax benefit | 7 | 177 | 66 | 158 | 58 | |||||||||||||||
Loss on discontinued operations | (8 | ) | (289 | ) | (97 | ) | (230 | ) | (85 | ) | ||||||||||
Cumulative effect of accounting change, net | — | 49 | — | — | — | |||||||||||||||
Net income | $ | 7,472 | $ | 4,939 | $ | 4,486 | $ | 3,787 | $ | 2,988 | ||||||||||
Preferred stock dividend requirements | $ | 19 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Earnings applicable to common shares(1) | $ | 7,453 | $ | 4,939 | $ | 4,486 | $ | 3,787 | $ | 2,988 | ||||||||||
1
| Fiscal Year | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Earnings per basic common share: | ||||||||||||||||||||
Income from continuing operations | $ | 7.39 | $ | 4.93 | $ | 4.24 | $ | 3.73 | $ | 2.84 | ||||||||||
Loss on discontinued operations | (0.01 | ) | (0.28 | ) | (0.09 | ) | (0.21 | ) | (0.08 | ) | ||||||||||
Cumulative effect of accounting change, net | — | 0.05 | — | — | — | |||||||||||||||
Earnings per basic common share | $ | 7.38 | $ | 4.70 | $ | 4.15 | $ | 3.52 | $ | 2.76 | ||||||||||
Earnings per diluted common share: | ||||||||||||||||||||
Income from continuing operations | $ | 7.08 | $ | 4.80 | $ | 4.15 | $ | 3.66 | $ | 2.77 | ||||||||||
Loss on discontinued operations | (0.01 | ) | (0.28 | ) | (0.09 | ) | (0.21 | ) | (0.08 | ) | ||||||||||
Cumulative effect of accounting change, net | — | 0.05 | — | — | — | |||||||||||||||
Earnings per diluted common share | $ | 7.07 | $ | 4.57 | $ | 4.06 | $ | 3.45 | $ | 2.69 | ||||||||||
Book value per common share | $ | 32.67 | $ | 27.59 | $ | 25.95 | $ | 22.93 | $ | 20.24 | ||||||||||
Dividends per common share | $ | 1.08 | $ | 1.08 | $ | 1.00 | $ | 0.92 | $ | 0.92 | ||||||||||
Balance Sheet and Other Operating Data: | ||||||||||||||||||||
Total assets | $ | 1,120,645 | $ | 898,523 | $ | 747,334 | $ | 602,843 | $ | 529,499 | ||||||||||
Consumer loans, net | 24,173 | 22,916 | 20,226 | 19,382 | 23,014 | |||||||||||||||
Total capital(2) | 162,134 | 125,891 | 110,793 | 82,769 | 65,936 | |||||||||||||||
Long-term borrowings(2) | 126,770 | 96,709 | 82,587 | 57,902 | 44,051 | |||||||||||||||
Shareholders’ equity | 35,364 | 29,182 | 28,206 | 24,867 | 21,885 | |||||||||||||||
Return on average common shareholders’ equity | 23.5 | % | 17.3 | % | 16.8 | % | 16.5 | % | 14.1 | % | ||||||||||
Average common and equivalent shares(1) | 1,010,254,255 | 1,049,896,047 | 1,080,121,708 | 1,076,754,740 | 1,083,270,783 | |||||||||||||||
| (1) | Amounts shown are used to calculate earnings per basic common share. |
| (2) | These amounts exclude the current portion of long-term borrowings and include Capital Units and junior subordinated debt issued to capital trusts. |
2