Desjardins Group recorded an increasing surplus before dividends during the first three months of 2024.
It increased by 513 million compared to the same period last year to stand at 855 million, according to the quarterly results of the financial cooperative revealed on Friday.
Total net income for the quarter ended March 31 was $3.56 billion, up $897 million from the same date last year.
The personal and business sector particularly contributed to Desjardins’ profit growth. These activities generated surpluses up by 207 million to reach 401 million.
The growth in net interest income linked to the increase in loan volume and the decrease in certain fees are behind this increase, according to the financial institution.
Its insurance sector also had a good start to the year with a net profit of 409 million, up 300 million.
This performance is explained by an increase in income from insurance activities as well as a reduction in claims-related expenses, mainly in the damage insurance sector, mentions Desjardins.
The organization also indicated that it had observed a lower loss ratio than that reported a year earlier in automobile and business insurance “due to a reduction in the frequency of claims which can be explained in particular by milder weather conditions”.
As for the provision for rebates, it reached 110 million in the first quarter, which represents a jump of 3.8% compared to a year ago.
As for the total assets of the Desjardins Group, they have increased by 3% since December 31 to total 435.8 billion at the end of March.