Taking into account the above factors, a negative cost of risk of €3 million and corporation tax of €14.8 million, net profit for 2024 was €59.4 million, slightly down on 2023. At 31 December 2024, wealth under custody was up 8.4% compared to 31 December 2023, due mainly to a combination of very positive market and currency effects. Loans and advances to customers rose by 10.7% compared with the previous year, against a backdrop of slower interest rate rises. Accounts payable to customers amounted to €5,467 million, a decrease of 12% compared to 31 December 2023. APPROVAL OF THE SOCIAL FINANCIAL STATEMENTS (RESOLUTION NOS. 2 AND 4) Presentation of the 2024 parent company/individual financial statements of Banque CFM Indosuez Wealth (French GAAP) Resolutions no. 2 and no. 4 The balance sheet total amounted to €7,012 million at 31 December 2024, a decrease of 9% compared with 31 December 2023. On the assets side, loans granted to customers amounted to €3,556 million, an increase of 10% over the 2024 financial year. The volume of securities in the portfolio and central bank deposits ensure the overall liquidity coverage ratio (LCR) is observed. Loans and receivables from credit institutions decreased to €2,354 million. On the liabilities side, shareholders' equity was €406 million, excluding €4.5 million in funds for general banking risks. The change in equity between December 2023 and December 2024 (+€14.6 million) is mainly due to the increase in retained earnings following the allocation of the 2023 profit. Net banking income, down slightly (-1%) compared with the 2023 financial year, came to €194 million, reflecting strong sales momentum despite the net negative impact of interest rates on our interest margins. Operating expenses were up 2% on the previous year, mainly due to inflation. The statutory auditors' fees for the 2024 financial year amounted to €153k excluding VAT, broken down as follows (Resolution 4): • €92k excluding VAT to the firm Vanhal • €60k excl. VAT to the firm Brych CFM Indosuez Wealth’s separate financial statements show a profit of €60.4 million in 2024 (after income tax for an amount of €15.1 million), including the dividends of the wealth management subsidiary (€17.5 million) for 2023. At its meeting on 13 March 2025, the Board of Directors of CFM Indosuez Wealth, chaired by Eric Vial, approved the consolidated financial statements for the financial year 2024, 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) 2024 versus 2023 under IFRS (in € million) Financial year 2024 Financial year 2023 % change Net banking income 199.4 197.2 +1.1% Operating expenses -122.3 -119.7 +2.1% Gross operating income 77.1 77.5 -0.5% Cost of risk -3.0 -0.8 N/A Extraordinary items - - N/A Taxes on profits -14.8 -15.9 N/A CFM Indosuez Wealth Group net income 59.4 60.8 -2.4% Non-controlling interests - - CFM Indosuez Wealth Group’s net income 59.4 60.8 -2.4% The CFM Indosuez Wealth Management group's consolidated revenues for 2024 came to €199.4 million, a slight increase of 1.1% compared with 2023. Against a backdrop of falling interest rates, which led to a decline in interest margin income despite a recovery in lending business, the level of NBI was achieved thanks to dynamic transactional business. The CFM Indosuez Wealth Management Group's operating expenses rose to €122.3 million in 2024. Inflation-related increases were the main reason for the rise in our expenses compared with the previous year (+2.1%). Gross operating income is therefore €77.1 million in 2024, compared with €77.5 million at 31 December 2023. Report of the Board of Directors at the Ordinary General Meeting of 13 May 2025 CFM Indosuez Wealth Management 38
RkJQdWJsaXNoZXIy NzMxNTcx