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<strong>Annual</strong> Report <strong>2005</strong>STATEMENT OF INCOME(in millions of EUR)2004 <strong>2005</strong> VariationIn<strong>com</strong>e 5,623 5,976 +6.3%of which net <strong>com</strong>missions 1,048 1,172 +11.8%Costs (3,057) (3,229) +5.6%Gross operating in<strong>com</strong>e 2,566 2,747 +7.1%Cost of risk (226) (52) -77.0%Impairments on (in)tangible assets (20) 0 n.s.Tax expense (429) (602) +40.3%Net in<strong>com</strong>e 1,891 2,093 +10.7%Minority interests 69 55 -20.3%Net in<strong>com</strong>e – Group share 1,822 2,038 +11.9%STATEMENT OF INCOME (FROM REPORTED TO UNDERLYING (1) PRO FORMA)(in millions of EUR)2004 <strong>2005</strong> VariationIn<strong>com</strong>e 5,623 5,976 +6.3%Changes in consolidation scope (24) 0 n.s.In<strong>com</strong>e pro forma 5,599 5,976 +6.8%Non-operating items 182 221 +21.8%Underlying in<strong>com</strong>e 5,416 5,755 +6.3%Costs (3,057) (3,229) +5.6%Changes in consolidation scope 20 0 n.s.Costs pro forma (3,037) (3,229) +6.3%Non-operating items 0 (17) n.s.Underlying costs (3,037) (3,212) +5.8%Gross operating in<strong>com</strong>e pro forma 2,561 2,747 +7.3%Non-operating items 182 205 +12.8%Underlying gross operating in<strong>com</strong>e 2,380 2,543 +6.9%Cost of risk pro forma (226) (52) -77.0%Non-operating items (177) 7 n.s.Underlying cost of risk (48) (59) +21.4%Net in<strong>com</strong>e – Group share 1,822 2,038 +11.9%Changes in consolidation scope (3) 0 n.s.Net in<strong>com</strong>e – Group share pro forma 1,819 2,038 +12.0%Non-operating items 214 251 +17.0%Underlying net in<strong>com</strong>e – Group share 1,605 1,786 +11.3%(1) i.e. excluding the non-operating factors (defined on page 36 of this <strong>report</strong>).39
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