Loans and receivables from credit institutions increased to €3,336 million. On the liabilities side, shareholders' equity was €391 million, excluding €4.5 million in funds for general banking risks. The increase in shareholders' equity between December 2022 and December 2023 (+24.3 million euros) results exclusively from the increase in net profit for the year. Net banking income, up 27% on 2022, came to €195.2 million, reflecting the commercial dynamism and the positive net impact of interest rates on our interest margins, despite a negative impact on our lending margins. Operating expenses were up 15% on the previous year, due to continued investment in IT and digital technology, inflation and costs related to our property project. The statutory auditors' fees for the 2023 financial year amounted to €150k excluding VAT, broken down as follows (Resolution 4): • €90k excl. VAT to Vanhal • €60k excl. VAT to Brych CFM Indosuez Wealth’s separate financial statements show a profit of €64.7 million in 2023 (after income tax for an amount of €16.5 million), including the dividends of the wealth management subsidiary (€19.6 million). PRESENTATION OF THE 2023 SUBSIDIARIES’ INDIVIDUAL FINANCIAL STATEMENTS Separate/individual financial statements of CFM Indosuez Gestion CFM Indosuez Gestion's net profit was €15.5m at 31/12/2023, down €4.1m on the 2022 figure. Revenues are down by €3.8m and expenses in 2023 are €0.2m higher than in 2022. On 23 February 2024, the Board of CFM Indosuez Gestion will propose to the General Meeting of shareholders of the management company scheduled for 26 April 2024 to distribute 100% of its net income for the 2023 financial year. The impact of this dividend payment from the subsidiary to its parent company will be reflected in CFM Indosuez Wealth’s financial statements for 2024. Separate financial statements of CFM Indosuez Conseil en Investissement Net profit for 2023 for CFM Indosuez Conseil en Investissement was €0.3m, stable compared with 2022. NBI is up 5% on 2022 (or €0.11m). Expenses in 2023 will remain higher than in 2022, with an increase in staff costs and travel and travelrelated expenses. The sole shareholder of CFM Indosuez Conseil en investissement SASU will propose to allocate the positive result of the year to retained earnings. ALLOCATION OF PROFITS (RESOLUTIONS NO. 3 AND NO. 5) At its meeting on 15 March 2024, the Board of Directors will recommend to the Annual General Meeting of 14 May that the profit for the year be allocated as follows: Profits for the financial year 2023 €64,673,238 Retained earnings from the previous year €208,284,273 Proposed dividend amount €45,840,000 Retained earnings following distribution of dividends €227,117,511 In view of the above, the Board of Directors proposes to the General Meeting of Shareholders to be held on 14 May 2024, to distribute a dividend of 71% of the 2023 result, i.e. €80.00 per share. The Board of Directors proposes to the General Meeting that the balance of €18.8 million be taken to retained earnings. The dividend will be paid from 28 May 2024. (Resolution no. 3) Finally, the Board of Directors wishes to conserve the possibility of paying an interim dividend before the end of the financial year on the basis of a balance sheet duly certified by the Company’s Statutory Auditors. (Resolution no. 5) COMPOSITION OF THE BOARD OF DIRECTORS (RESOLUTIONS 6 TO 10) The Boards of Directors meeting on 19 December 2023 and 15 March 2024 proposed the appointment of two new members: Marc Oppenheim and Pascal Brouard. The appointments of Mr Oppenheim and Mr Brouard for a term of 3 years are proposed for ratification at the next Annual General Meeting. (Resolutions no. 6 and no. 7) The directorships of Bastien Charpentier, Hervé Husson and Guilhem Nouvel-Alaux expire at the Annual General Meeting of 14 May 2024. At its meeting on 15 March 2024, the Board will propose that Bastien Charpentier's term of office be renewed for one year and that Messrs Husson and NouvelAlaux's terms of office be renewed for three years. (Resolutions no. 8, no. 9 and no. 10) Annual Report 2023 39
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