AN ACTIVE AND INVOLVED GROUP. Third-quarter achievements included our contribution to the growth of the social economy through our support of Groupe TAQ, our participation in the 2018 Montréal Pride week and the launch of the 4th edition of Coopérathon.
Desjardins Group records surplus earnings of $570 million for the third quarter
$116 million returned to members and the community, an increase of $32 million
Lévis, November 13, 2018 -
For the third quarter ended September 30, 2018, Desjardins Group
, the leading financial cooperative group in Canada, recorded surplus earnings before member dividends of $570 million, a $188 million decrease compared to the corresponding quarter of 2017. It should be recalled that in the third quarter of 2017, there was a gain net of expenses related to the sale of Western Financial Group Inc. and Western Life Assurance Company. Adjusted surplus earnings were therefore up $70 million or 14.0%. These results allowed Desjardins Group to pursue its cooperative mission for the benefit of its members and clients, and maintain its excellent financial stability.
The amount returned to members and the community was $116 million, including a $72 million provision for member dividends (Q3 2017: $60 million), $33 million in sponsorships, donations and scholarships (Q3 2017: $14 million) and $11 million in Desjardins Member Advantages (Q3 2017: $10 million).
"Desjardins Group's overall performance in the third quarter was very good," said Guy Cormier, President and Chief Executive Officer. "We rolled out several innovative initiatives, in the area of sustainable development in particular, and posted strong membership growth. We launched new responsible investment funds and are now the financial institution with the broadest range of RI funds in Canada."
Giving back to the community
In addition to the sustained commitment of the caisses in the communities they serve, here are some of the other ways that Desjardins is making a positive difference in people's lives.
Participation in the 2018 Montréal Pride week to celebrate and support diversity in the lesbian, gay, bisexual and trans (LGBT)
Contribution of 270 000 $ to help the growth of social economy through our support of Groupe TAQ
- Contribution of $270,000 to support the growth of Groupe TAQ, a business whose mission is to promote the social and professional integration of persons with functional limitations by developing business partnerships.
- Following the signing of the new United States-Mexico-Canada Agreement, Desjardins reaffirmed its support for dairy and poultry producers and processors.
- Donation of $50,000 to the Red Cross to provide relief for tornado victims in the Gatineau and Ottawa regions.
- As part of its $100 million fund, Desjardins contributed $750,000 to the Entrepreneuriat Québec project to provide its trainers with access to accredited university training in how to coach entrepreneurs.
- The Fondation pour l'alphabétisation and Fondation Desjardins joined forces to award 7 scholarships to adults who have returned to school.
- Once again this year, Desjardins was proud to stand up and be counted, including at Montreal's Pride week from August 9 to 19. But beyond this week of festivities, Desjardins seeks to celebrate and support diversity in the lesbian, gay, bisexual and trans (LGBT) community throughout the year
Desjardins is constantly innovating to meet the needs of its members and clients. Here are just a few examples of the financial group's recent initiatives and the recognition it has received for its expertise.
- Desjardins has doubled its line of responsible investment products to meet the needs of investors who want to grow their investments while contributing to sustainable development and the fight against climate change. * Creation of a talent and expertise collective in cybersecurity, the CyberEco, in partnership with National Bank, Deloitte and the RHEA Group.
- Different economic approach to account for the level of well-being and progress of the public. What if economic performance was measured by something other than the GDP?
- Launch of the 4th edition of Coopérathon, an open innovation competition organized by Desjardins. Over 1,500 participants in nine cities took part in this competition, which lasted over a month.
- Desjardins won the Silver Award for its AccèsD assistant in an international competition organized by the European Financial Management Association (EFMA). The goal of this competition was to recognize innovation in financial services marketing and distribution.