CFM INDOSUEZ Wealth Management - 2019 annual report

32 CFM Indosuez Wealth Management 2 0 1 9 R E P O R T O F T H E B O A R D O F D I R E C T O R S Following the expansion of our subsidiary CFM Indosuez Gestion, in 2018 for the first time, we published an an- nual report including separate financial statements for the credit institution CFM Indosuez Wealth Management and consolidated financial statements presented in accordance with IFRS for CFM Indosuez Group, including the asset management and investment advisory subsidiaries in the scope of consolidation. The 2019 financial statements have been prepared using the same scope as in 2018, applying the applicable IFRS standards. The following table provides a summary of the main items of the consolidated results for 2019 (in millions of euros) and 2018, under IFRS. Exercice 2019 Exercice 2018 Change in % Net banking income 127.4 120.2 +5.9% Operating expenses -95.0 -92.0 +3.2% Gross operating income 32.4 28.3 +14.5% Cost of risk -1.3 -1.3 - Extraordinary items 31.9 N/A Income tax -13.8 -4.0 N/A CFM Indosuez Wealth Group net income 49.2 23.0 N/A Non-controlling interests -0.1 Net income, CFM Indosuez Wealth Group share 49.1 23.0 2 019 AND 2 018 CONSOL I DATED RESULTS ( I N M I L L I ONS OF EUROS ) UNDER I FRS