Desjardins: surpluses of $757 million despite the floods

Desjardins Group recorded surpluses before rebates of $757 million in the third quarter, or $143 million more than on the same date last year, despite the costs of insurance claims linked to the torrential rains of the month of ‘august.

Desjardins also posted an increase of $252 million in its total net income (+8%), which reached $3.38 billion in this quarter.

The managers of the financial institution attribute this good performance to the results of the “Individual and Business” sector, which benefited from “the increase in net interest income linked mainly to business growth”.

The increase in surpluses was, however, attenuated by the results of the “Damage Insurance” sector, which were affected in particular by an increase in expenses linked to losses caused by the floods in August.

In doing so, the rebate provision reached $110 million in the third quarter, up $4 million compared to the same period in 2023.

“At the end of the first nine months of 2024, Desjardins Group recorded surpluses of $2.5 billion and our assets now stand at $464.7 billion. We therefore continue to progress thanks to all sectors of activity,” rejoiced the president and CEO, Guy Cormier, in a press release.