Desjardins Group posted a surplus before dividends for the third quarter on Friday, up 11.9% compared to the same period last year, as well as operating revenues up 13.1%.
The Lévis-based financial cooperative’s surplus amounted to $ 816 million for the quarter ended September 30, compared to $ 729 million a year earlier. Operating revenues reached $ 5.25 billion, from $ 4.64 billion a year earlier.
The President and CEO of Desjardins, Guy Cormier, described the results of the most recent quarter as “excellent” and underlined that they followed the trend started at the beginning of the year. According to him, this performance is attributable in particular to the “solid performance of the caisse network” and to a lower claims rate in damage insurance.
The provision for credit losses was 52 million in the third quarter, a decrease of 47.5% from the 99 million recorded for the same quarter in 2020.
The total equity ratio stood at 22.4% at the end of the third quarter, compared to 22.6% at the end of the previous year.
Desjardins assets have accumulated 7.9% growth since the start of fiscal 2021, and totaled 390.6 billion as of September 30. Desjardins explained this increase by the increase in net loans and acceptances and securities.
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