The CFM Indosuez Wealth Management Group's operating expenses rose to €119.7 million in 2023. Continued investment in our IT and digital systems, inflationary rises and costs associated with our property development project all contributed to this year-on-year increase (up 13%). As a result, gross operating income will be €77.5 million in 2023, compared with €55.6 million at 31 December 2022. Taking into account the above factors, a negative cost of risk of €0.8 million and corporation tax of €15.9 million, net profit for 2023 is €60.8 million, up 40% on 2022. At 31 December 2023, wealth under custody was up 4.4% compared to 31 December 2022, due to a combination of very positive market and currency effects. Loans and advances to clients fell by 15% compared with the previous year, against a backdrop of rapidly rising interest rates. Accounts payable to clients amounted to €6,127 million, a decrease of 2% compared to 31 December 2022. ACTIVITIES AND RESULTS OF THE BANK (CFM INDOSUEZ WEALTH SCOPE) At 31 December 2023, wealth under custody was up 4.4% compared to 31 December 2022, due to a combination of very positive market and currency effects. Loans and advances to clients fell by 16% compared with 31 December 2022. Client deposits amounted to €6,143 million, down 2% compared with 31 December 2022. APPROVAL OF THE SOCIAL FINANCIAL STATEMENTS (RESOLUTION NOS. 2 AND 4) Presentation of the 2023 parent company/individual financial statements of BanqueCFM Indosuez Wealth (French GAAP) Resolutions no. 2 and no. 4 The balance sheet total amounted to €7,679 million at 31 December 2023, a decrease of 8% compared to 31 December 2022. On the assets side, loans granted to clients amounted to €3,226 million, a drop of 16% over the 2023 financial year. The volume of securities in the portfolio and central bank deposits ensure the overall liquidity coverage ratio (LCR) is observed. At its meeting on 15 March 2024, the Board of Directors of CFM Indosuez Wealth, chaired by Eric Vial, approved the consolidated financial statements for the financial year 2023, 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) 2023 versus 2022 under IFRS (in € million) Financial year 2023 Financial year 2022 % change Net banking income 197.2 160.6 +23% Operating expenses -119.7 -105.1 +13% Gross operating income 77.5 55.6 +39% Cost of risk -0.8 -3.9 N/A Extraordinary items - - N/A Taxes on profits -15.9 -8.3 N/A CFM Indosuez Wealth Group net income 60.8 43.4 +40% Non-controlling interests - - CFM Indosuez Wealth Group’s net income 60.8 43.4 +40% The CFM Indosuez Wealth Management group's consolidated revenues for 2023 amount to €197.2 million, an increase of more than 23% compared with 2022.c This level of NBI was achieved against a backdrop of a sharp rise in interest rates, which generated an increase in interest margin income despite a reduction in the lending business. Sales activity remained at a high level throughout the year, enabling us to maintain a good level of brokerage income. Report of the Board of Directors to the Ordinary General Meeting on 14 May 2024 CFM Indosuez Wealth Management 38
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