Résultats du premier trimestre de 2019 de Desjardins
AN ACTIVE AND INVOLVED GROUP. Second-quarter achievements included the launch of the UX Lab, the appointment of a new Youth Advisory Board and L'actualité magazine's social impact award in the Environment category.

$112 million returned to members and the community

Lévis, August 12, 2019 - At the end of the second quarter ended June 30, 2019, Desjardins Group, Canada's leading financial cooperative group, recorded surplus earnings before member dividends of $692 million, up $15 million from the same quarter of 2018. Adjusted surplus earnings() were up $144 million or 26.3 % for the specific item related to the creation of Aviso Wealth, i.e. the gain from the transaction involving Qtrade Canada Inc. and the interest in Northwest & Ethical Investments L.P. recognized in 2018. These results were due to strong performance in caisse network activities and the operations of the Property and Casualty Insurance segment, which posted higher premium income and a favourable claims experience compared to the same quarter of 2018. The higher surplus earnings were also due to a smaller provision for credit losses as a result of the parameter update for non-credit impaired loans and economic factors. As for the privacy breach, a total of $70 million in expenses and provisions for the implementation of protections for our members (i.e. the credit monitoring plan and the identity theft solution for Desjardins caisse members) were recognized in the second quarter of 2019.

The amount returned to members and the community was $112 million (Q2 2018: $106 million), including an $80 million provision for member dividends (Q2 2018: $71 million), $20 million in sponsorships, donations and scholarships (Q2 2018: $25 million), and $12 million in Desjardins Member Advantages (Q2 2018: $10 million). There was also another $8 million (Q2 2018: $6 million) in commitments related to the $100 million regional development fund.

"Our second quarter results are fully in line with our expectations, in particular due to the growth in caisse network operations," said President and CEO Guy Cormier. "They demonstrate Desjardins Group's financial strength and its ability to deal with the unexpected. Members who are worried about the privacy breach can rest assured that their cooperative protects them by providing automatic protection against identity theft to all its members. Our employees are working very hard to address our members' concerns and needs."

It should be remembered that the identity theft solution for Desjardins caisse members includes the following: 

Protection of assets and transactions

The assets and transactions of Desjardins members are protected. If the breach results in unauthorized transactions in members' accounts, they will be reimbursed.

Individual support during the identity recovery process

In the event of identity theft, Desjardins offers its members individual support throughout the identity recovery process. 

Reimbursement of $50,000

In relation to the identity recovery process, Desjardins members will be reimbursed up to $50,000 for certain expenses incurred, such as notary and legal fees and other expenses.

This offer, when combined with the Equifax credit monitoring plan and our Credit Score feature from TransUnion, will help members better protect themselves against identity theft and its consequences.


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. 
  • Desjardins joined the Ready When the Time Comes program of the Canadian Red Cross. Through this initiative, Desjardins employees were trained to help the Red Cross with its activities during the recent floods. 
  • Desjardins has strengthened its partnership with the Citadelle Cooperative, the flagship Quebec organization for maple syrup producers, beekeepers and cranberry producers, providing $1 million to modernize its plants in Plessisville, Château-Richer and Aston-Jonction.
  • Desjardins won L'actualité magazine's social impact award in the Environment category.
  • The appointment of a new Desjardins Youth Advisory Board. This committee gives the young people in our cooperative group a voice.
  • Donation of $655,000 to support four community development projects in Abitibi-Témiscamingue, with a special focus on young people, mobility in the region and the agrifood sector.
Innovating

Desjardins is constantly innovating to meet the needs of its members and clients. Here are just a few examples of recent initiatives and the recognition received by Desjardins for its expertise. 
  • Creation of a $45 million strategic fintech investment pool for Desjardins Group that will benefit members and clients and be managed by Desjardins Capital.
  • The Desjardins Group Pension Plan acquired a portion of EDF Renewables Canada Inc.'s stake in the Cypress Wind Project in Alberta as a contribution to the energy transition.
  • Desjardins Group has modernized its governance with new rules on how members are elected to its Board of Directors and its Board of Ethics and Professional Conduct, including to achieve greater diversity.
  • Responsible investment survey carried out on behalf of Desjardins to know Canadians' perceptions and opinions of this concept in order to better serve our members and clients.
  • Launch of UX Lab, a new user experience laboratory.

For journalists only: Chantal Corbeil
514-281-7229 or 1-866-866-7000, ext. 5557229
media@desjardins.com