On Friday Desjardins Group posted surplus earnings before patronage rebates of $581 million for its second quarter, up 36% from the same period last year.
The cooperative attributed this improvement in part to the growth of its caisse network, the performance of its investments and the reduction in technical provisions in the wealth management and life and health insurance sector.
The Personal and Commercial segment contributed surpluses of $272 million in the most recent quarter, while the Wealth Management and Life and Health Insurance segment contributed $189 million.
Operating revenues for Desjardins rose 11.4% in the three months ended June 30 to $3.9 billion. Net interest income was up slightly from a year ago to $ 1.09 billion, while net premiums from insurance activities rose 19.3% to $2.08 billion.
Desjardins noted that the increase in mortgage lending, business lending, and point-of-sale financing activity helped to ease pressure on interest margins.
Provision for losses on bad debts remained unchanged from last year at $ 76 million. Return on equity advanced to 9.9%, compared to 7.8% in the second quarter of last year.
Desjardins Group’s total assets were $ 272 billion at the end of the most recent quarter, an increase of $ 13.6 billion, or 5.3%, compared to December 31, 2016.
Emmy Skylar started working for Debate Report in 2017. Emmy grew up in a small town in northern Manitoba. But moved to Ontario for university. Before joining Debate Report, Emmy briefly worked as a freelance journalist for CBC News. She covers politics and the economy.