March 30, 2023

The Queens County Citizen

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Desjardines: Earnings before member dividends are down significantly compared to 2021

Desjardines: Earnings before member dividends are down significantly compared to 2021

The Desjardines Group reported $ 519 million in member surplus revenue before the first quarter of 2022, down 34% from the same period last year.

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The reduction was indicated by a press release issued on Thursday stating that “large sums invested primarily in strategic projects, especially digital transformation and security, as well as an increase in claims related to the damage insurance sector”. However, it was reduced due to an increase in net interest income and other operating income.

However, for the quarter ended March 31, 2022, Desjardines also reported 5.6% higher operating income than the same period last year. Allocation of Patronage Refunds increased by $ 12 million from the first quarter of 2021 to $ 102 million.

“These results and the financial strength of the Desjardines Group allow us to further invest in concrete solutions for our members and clients, particularly in technology and sustainable development,” said Guy Carmire, President and Chief Executive Officer of Desjardines Group.

“We continue to innovate along with electric terminals and bike repairs [grâce au Fonds du Grand Mouvement] In our case network as well as by implementing incentive measures to facilitate the use of energy-efficient cars by our employees, “he added.

As of December 31, 2021, 302 electrical terminals have been installed, of which 279 are available to the public. By 2025, Deszardins plans to reach 500 charging stations in its network in Quebec and eastern Ontario.

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