Desjardins Group recorded surplus earnings before member dividends of $519 million in the first quarter of 2022, a decrease of 34% compared to the corresponding period last year.
This decrease is “mainly attributable to larger sums invested in strategic projects, particularly in terms of digital transformation and security, as well as an increase in claims for the Damage Insurance sector”, indicated the cooperative by way of press release on Thursday. However, it was mitigated by an increase in net interest income and other operating income.
However, for the quarter that ended March 31, 2022, Desjardins also reported 5.6% more operating income compared to the same period last year. The provision for patronage refunds reached $102 million, up $12 million from the first quarter of 2021.
“These results and the financial strength of Desjardins Group allow us to invest more in concrete solutions for our members and clients, particularly in technology and sustainable development,” declared in writing the President and Chief Executive Officer of Desjardins Group, Guy Cormier.
“We are continuing to innovate with the addition of electric terminals and bike repairs [thanks to the Grand Movement Fund] in our network of caisses as well as the implementation of incentive measures to facilitate the use of energy-efficient cars by our employees,” he added.
As of December 31, 2021, 302 electrical terminals had been installed, 279 of which were accessible to the public. By 2025, Desjardins would like to reach 500 charging stations on its network in Quebec and Eastern Ontario.
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