| For the second quarter ended June 30, 2024, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $918 million, up $365 million from the same quarter of 2023. This increase was mainly due to the results of the Property and Casualty Insurance segment, owing to fewer claims combined with higher revenues from automobile and property insurance. In addition, we would like to highlight the very good performance of the Personal and Business Services segment stemming from higher net interest income, mainly tied to business growth, and lower non-interest expense. Overall, for Desjardins Group as a whole, non-interest expense was comparable to that of the second quarter of 2023 due to rigorous expenditure management. |
| For the second quarter of 2024, the provision for member dividends totalled $110 million, an amount comparable to that recorded in the corresponding period of 2023. Sponsorships, donations and scholarships amounted to $33 million, of which $16 million came from the caisse Community Development Fund. |
| "I am proud of these results for the second quarter of 2024, with surplus earnings before member dividends of $918 million, up $365 million from the same period of 2023," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. "These results reflect the same upward trend as in the first quarter. As a result, Desjardins can give back to the community, in particular through our involvement in a partnership with the Québec government to make available more than 1,750 affordable housing units." |
| For the first six months ended June 30, 2024, Desjardins Group recorded surplus earnings before member dividends of $1,773 million, up $878 million from the same period of 2023. All business segments contributed to these excellent results, including the Property and Casualty Insurance segment due to fewer claims and higher insurance revenue. There was also growth in the net insurance finance result in both life and health insurance and property and casualty insurance. In addition, surplus earnings growth was recorded in the Personal and Business Services segment, owing to higher net interest income, particularly as a result of business growth. We should also note that the increase in non-interest expense was limited as a result of measures deployed across the organization to improve efficiency and effectiveness. |
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