The Desjardins Group saw a 41.4% decline in EBIT for the third quarter of 2022 compared to the same period in the previous year.
In doing so, earnings before members’ dividends were $478 million for the quarter ended September 30, a decrease of $338 million compared to the same quarter in 2021.
According to the company, this decrease can be explained by the increased claims burden in the P&C segment due to inflation and recurring claims such as the hurricane. Fiona.
However, the operating income of the banking institution rose by $45 million, or 0.9%, and settled at about $5.3 billion in 2022.
“For this third quarter, creditworthiness recoveries and operating income are on the rise and the Desjardins group continues to demonstrate strong financial resilience,” said Jay Cormier, Desjardins Group President and CEO, in a press release Thursday.
“In addition, in an inflationary context, we are actively supporting our members and clients so that they can deal with the increasing pressures, particularly through personalized support that adapts to each person’s situation,” he added.
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