CFM Indosuez Wealth Management Annual Report 2022 38 The CFM Indosuez Wealth group's consolidated NBI for 2022 is up by more than 24% on the 2021 figure, at €160.6 million. This performance can be attributed, on the one hand, to an increasingly dynamic brokerage business and, on the other, to higher interest income generated by the sharp rise in interest rates in most currencies. The CFM Indosuez Wealth group's operating expenses will amount to €105.1 million over 2022. This 8% increase on last year is in line with recent years, which have seen significant investment, particularly in IT and digital technology. As a result, gross operating income rose to €55.6 million in 2022 from €32.1 million on 31 December 2021. Taking into account the above factors, a negative cost of risk of €3.9 million and corporation tax of €8.3 million, net profit for 2022 is €43.4 million, up +49% on 2021. This increase in net income reflects the commercial dynamic observed throughout the year as well as the change in interest rates. Assets under custody on 31 December 2022 were -1.6% lower than on 31 December 2021, the result of strong inflows in 2022 more than offset by negative market and currency effects. Loans and advances to customers were slightly up (1.4%) on the previous year. Customer debt amounted to €6,243 million, an increase of almost 9% compared with 31 December 2021. ACTIVITIES AND RESULTS OF THE BANK (CFM INDOSUEZ WEALTH SCOPE) Assets under custody on 31 December 2022 were 1.6% lower than on 31 December 2021. Negative market effects were partly offset by positive new money inflows. Loans and advances to customers rose by just 1% compared with 31 December 2021. Accounts payable to customers amounted to €6,243 million, an increase of 9% compared to 31 December 2021. At its meeting on 22 March 2023, the Board of Directors of CFM Indosuez Wealth, chaired by Eric Vial, approved the consolidated financial statements for the financial year 2022, prepared in accordance with the IFRS international accounting rules and principles. The consolidation of the accounts includes the three entities of the CFM Indosuez Wealth group, including the French subsidiary wholly owned by CFM Indosuez Wealth (called CFM Indosuez Conseil en Investissement) and CFM Indosuez Gestion, which allows a global view of the activities and results of the CFM Indosuez Wealth group. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS (RESOLUTION NO. 1 ) Consolidated results (in € million) 2022 versus 2021 under IFRS (in € million) Financial year 2022 Financial year 2021 Change in % Net banking income 160.6 129.4 +24% Operating expenses -105.1 -97.3 +8% Gross operating income 55.6 32.1 +73% Cost of risk -3.9 +1.8 N/A Extraordinary items - - N/A Taxes on profits -8.3 -4.8 N/A CFM Indosuez Wealth Group net income 43.4 29.1 +49% Non-controlling interests - - CFM Indosuez Wealth Group’s net income 43.4 29.1 +49% / Report of the Board of Directors at the Ordinary General Meeting of 16 May 2023 /
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