Desjardins Group records surplus earnings of $570 million for the third quarter
$116 million returned to members and the community, an increase of $32 million
Lévis, November 13, 2018 - For the third quarter ended September 30, 2018, Desjardins Group, the leading financial cooperative group in Canada, recorded surplus earnings before member dividends of $570 million, a $188 million decrease compared to the corresponding quarter of 2017. It should be recalled that in the third quarter of 2017, there was a gain net of expenses related to the sale of Western Financial Group Inc. and Western Life Assurance Company. Adjusted surplus earnings were therefore up $70 million or 14.0%. These results allowed Desjardins Group to pursue its cooperative mission for the benefit of its members and clients, and maintain its excellent financial stability.
The amount returned to members and the community was $116 million, including a $72 million provision for member dividends (Q3 2017: $60 million), $33 million in sponsorships, donations and scholarships (Q3 2017: $14 million) and $11 million in Desjardins Member Advantages (Q3 2017: $10 million).
"Desjardins Group's overall performance in the third quarter was very good," said Guy Cormier, President and Chief Executive Officer. "We rolled out several innovative initiatives, in the area of sustainable development in particular, and posted strong membership growth. We launched new responsible investment funds and are now the financial institution with the broadest range of RI funds in Canada."
Source: Desjardins website