Desjardins: Significant decrease in profits before members’ dividends compared to 2021

Desjardins Group reported a $519 million surplus to members’ earnings before dividends in the first quarter of 2022, down 34% compared to the corresponding period last year.

The cooperative indicated in a press release today, Thursday, that this decline is “mainly attributed to the large sums invested in strategic projects, especially in terms of digital transformation and security, as well as the increase in claims related to the insurance sector.” However, it was mitigated by an increase in net interest income and other operating income.

However, for the quarter ended March 31, 2022, Desjardins also reported operating income of 5.6% higher than the same period last year. The provision for favoritism was $102 million, an increase of $12 million over the first quarter of 2021.

“These results and the financial strength of the Desjardins Group allow us to invest more in tangible solutions for our members and customers, particularly in technology and sustainable development,” said Desjardins Group President and CEO, Guy Cormier.

“We continue to innovate with the addition of electric stations and bike repairs [grâce au Fonds du Grand Mouvement] in our network of bags as well as by implementing incentive measures to facilitate the use of energy-efficient cars by our employees.”

As of December 31, 2021, 302 electrical stations have been installed, 279 of which are publicly available. By 2025, Desjardins would like to have 500 charging stations on its network in Quebec and eastern Ontario.