1.
To cream off part of a group of people means to take them away and treat them in a special way, because they are better than the others.
The private schools cream off many of the best pupils.
PHRASAL VERB : V P n (not pron) [ disapproval ]
2.
If a person or organization creams off a large amount of money, they take it and use it for themselves. ( INFORMAL )
This means smaller banks can cream off big profits during lending booms...
PHRASAL VERB : V P n (not pron) [ disapproval ]