Desjardins posts outstanding results and continues to support members and clients in their projects

Lévis, May 10, 2024 – For the first quarter ended March 31, 2024, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $855 million, up $513 million from the same quarter of 2023. All business segments contributed to these outstanding results, including higher insurance revenue, lower incurred claims in Property and Casualty Insurance, and an increase in the net insurance finance result due to favourable trends in financial markets. Of particular note is the Personal and Business Services segment's strong performance, driven by growth in net interest income related primarily to business growth and a reduction in non-interest expense due to rigorous expenditure management.

For the first quarter of 2024, the provision for member dividends stood at $110 million, an increase of $4 million or 3.8%, compared to the corresponding period of 2023. Sponsorships, donations and scholarships amounted to $27 million, of which $11 million came from caisse Community Development Funds.

"For the first quarter of 2024, Desjardins posted outstanding financial results, due to strong performance by all our business segments," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. "I’m proud of our results and the hard work put in by everyone across our organization. Our financial solidity allows us to proactively meet the needs of members, clients and communities. Moreover, Desjardins presents capital ratios and credit ratings that are among the best in the industry."

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 $187 million to 833 projects related to the GoodSpark Fund. 

Last March, Desjardins Group released its Social and Cooperative Responsibility Report and its 2023 Climate Action at Desjardins Report. The cooperative produces these documents to report on its progress in integrating environmental, social and governance (ESG) criteria into its business model and operations, and on how it is increasingly taking the risks and opportunities associated with climate change into account.

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, its lending activities and its own capital investments in three key carbon-intensive sectors: energy, transportation and real estate.

At the annual general meeting (AGM) of the Federation on March 24 and 25, 2023, delegates from Desjardins caisses in Québec and Desjardins Ontario Credit Union voted to separate the roles of chair of the board of directors from the role of president and CEO of Desjardins Group, positions which had been held for almost 30 years.

The separation of these roles came into effect on March 23, at the end of the 2024 AGM. This marked the beginning of the shift to a new governance model. To this end, Guy Cormier became president and CEO under the new model. In addition, the board of directors will elect a new Chair in May 2024.

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 of the ways that Desjardins made a positive difference in people's lives in the first quarter of 2024.

• Desjardins Group was once again recognized as one of Canada's best employers, earning several major awards. Forbes magazine and Mediacorp ranked Desjardins as one of Canada's Best Employers in the banking and finance industry in 2024. In addition, Desjardins Group is once again one of the country's greenest employers according to Mediacorp's ranking.
• Renewal of a partnership with La Ruche (in French only) to support local entrepreneurs, organizations and citizens and advance promising projects that stimulate the economy and vitality of Quebec and its regions through crowdfunding.
• Desjardins earned an MSCI ESG (in French only) of AAA. This is the highest possible rating from MSCI, which is internationally recognized in ESG. This places Desjardins among the top 5% of financial institutions in the world in terms of ESG.

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