(Montreal) The 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 in the most recent quarter, compared to that of $ 729 million a year earlier.
Its operating revenues reached $ 5.25 billion in the quarter ended Sept. 30, down 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 stressed that they followed the trend started at the beginning of the year.
According to him, this performance was notably attributable 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, down 47.5% from the $ 99 million recorded for the same quarter in 2020.
The total equity ratio advanced to 22.4% at the end of the third quarter from 22.6% at the end of the previous year.
Desjardins assets, for their part, have grown by 7.9% 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.