LÉVIS, Que. — Desjardins Group says its surplus earnings before member dividends plunged 55 per cent to $393 million in the fourth quarter.
The Quebec-based financial co-operative said surplus earnings fell from $876 million a year earlier in part due to higher expenses related to strategic projects as well as changes in actuarial assumptions related to life and health insurance operations.
The decrease was partly offset by the provision for credit losses falling to $16 million at the end of Dec. 31 from $169 million in the fourth quarter of 2020.
Operating income increased 14 per cent to $5.5 billion.
For the full-year, Desjardins says surplus earnings before member dividends increased 21.6 per cent to $2.9 billion.
Member dividends increased 17.3 per cent to $387 million from $330 million in 2020 while sponsorships, donations and scholarships rose to $110 million from $72 million.
This report by The Canadian Press was first published Feb. 23, 2022.
The Canadian Press
