(Montreal) The Desjardins Group recorded surpluses before dividends of $918 million in the second quarter of the year, representing an increase of $365 million compared to the same period in 2023.
The financial cooperative explains this growth largely by the performance of its property and casualty insurance activities. These recorded lower claims-related expenses and an increase in revenues from automobile and property insurance.
The President and CEO of Desjardins welcomed the surpluses before member dividends revealed Friday at the end of the quarter which ended June 30.
“These results follow the same upward trend as the first quarter. It allows Desjardins to give back to the community, particularly through our involvement in a partnership with the government to make more than 1,750 affordable housing units available,” said Guy Cormier in a press release.
For the first half of the year, the institution reports having generated surpluses before rebates totaling 1.77 billion, an increase of 878 million compared to those of the same period in 2023.
The provision for rebates amounted to 110 million in the second quarter, which is approximately similar to the same period last year.
On the revenue side, they amounted to 3.75 billion against 3.23 billion a year earlier.
In addition to property and casualty insurance, the Desjardins Group reported “very good performance” for its personal and business sectors.
It posted an increase in surpluses, which reached $459 million compared to $302 million a year ago. Desjardins attributes this positive difference in particular to “the increase in net interest income, particularly in connection with business growth.”
However, the growth in surpluses in this sector was mitigated by a provision for credit losses that was higher than at the same date in 2023. It was 87 million compared to 66 million in the second quarter of last year.