ourexpertise - Crédit Agricole CIB

32010 MANAGEMENT REPORTInternational Private Banking2010 2009Change2010/2009€ millionNet banking income 541 487 11%Operating expenses (385) (356) 8%Gross operating income 156 131 19%Cost of risk (16) (5) x 3.2Pre-tax income 133 126 6%Corporate income tax (25) (22) 14%Net income/(loss) 108 104 4%Minority interests 8 6 33%Net income, Group share 100 98 2%Despite the scepticism of clients in a remaining volatile environmentand a proportion of cash assets still very important, 2010delivers a good commercial and fi nancial performance with a netbanking income which increased by 11%, driven by the revenuesof the treasury activity despite an unfavourable exchange rate $/CHF.Infl ows were positive in 2010 and increased by + €5.5 billioncompared with 2009, including 63% on institutional investors.Wealth under management amounted to €71 billion at31 December 2010, compared with €62 billion at the end ofDecember 2009.Proprietary Asset Management and other activities2010 2009Change2010/2009€ millionNet banking income (6) 141 nsOperating expenses (9) (12) (25%)Gross operating income (15) 129 nsGains/(losses) on other assets 0 10 nsPre-tax income (15) 139 nsCorporate income tax (9) (46) (80%)Net income, Group share (24) 93 ns2009 mainly registered the cancellation of the expense for deeplysubordinated notes in the fourth quarter of 2009 (counterpartyCrédit Agricole S.A.).84SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010