Desjardins Group posts strong performance for the third quarter of 2024

Lévis, November 8, 2024 – For the third quarter ended September 30, 2024, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $757 million, up $143 million from the same quarter of 2023. This increase was mainly driven by improved net interest income in the Personal and Business Services segment, mainly as a result of business growth. The increase in surplus earnings was partially offset by the results of the Property and Casualty Insurance segment, which were affected by higher claims expenses due to two catastrophes: namely torrential rains in Québec and hail in Alberta, as well as a major event in Ontario. We should also note that the increase in non-interest expense was limited by measures deployed across the organization to improve efficiency and effectiveness.

For the third quarter of 2024, the provision for member dividends totalled $110 million, up $4 million from the corresponding period of 2023. Sponsorships, donations and scholarships amounted to $24 million, of which $15 million came from the caisses' Community Development Fund.

"At the end of the first nine months of 2024, Desjardins Group recorded surplus earnings of $2.5 billion and our assets now stand at $464.7 billion," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. "So we continue to grow on the strength of all our business segments. I'm very proud of the effort invested by our teams to get here. These results, in combination with our financial strength, make it possible for us to provide high-quality services to our members and clients at every stage of their lives."

Desjardins is contributing to regional development and the economy through the GoodSpark Fund, which has set aside $250 million to stimulate social and economic activity in communities. Since 2017, Desjardins Group has committed a total of $204 million to 897 projects related to the GoodSpark Fund. 

In particular, Desjardins is still working to implement the climate goal announced in 2021. The goal is to achieve, by 2040, net zero emissions in its operations, its supply chain, and its lending activities and investments in three key carbon-intensive sectors: energy, transportation and real estate.

Desjardins is involved in people's lives, whether by supporting community initiatives related to diversity, inclusion, cooperation, financial literacy and healthy living, or by offering innovative financial solutions to meet their needs. Here are some ways that Desjardins made a positive difference in people's lives in the second quarter of 2024.

• The GoodSpark Fund (in French only) made a contribution toward the construction of a sports complex for the Collège de Lévis. The purpose of this financial support is to help enhance the quality of life of young people and citizens by encouraging them to adopt healthy lifestyles.
• The Desjardins Foundation Prizes have enabled more than 3,000 people who work in a school or community organization to carry out initiatives that make kids want to go to school. To date, 500,000 young people have benefited from these initiatives.
• The President and CEO of Desjardins Group, Guy Cormier, continued the series of visits he began last fall to Canadian chambers of commerce. He visited Toronto and Drummondville (in French only) in October to discuss leadership and productivity with entrepreneurs.

For more information (media inquiries only):
Chantal Corbeil
Public Relations
514 247-0465
media@desjardins.com