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Desjardins Group posts solid 2023 results for the benefit of members and clients

February 21, 2024

AN ACTIVE AND INVOLVED GROUP. Through the GoodSpark Fund, Desjardins helped the Sourires Solidaires (SoSo) dental clinic (in French only) open three operating rooms for children with special needs from underprivileged families

Lévis, February 21, 2024 For the fiscal year ended December 31, 2023, Desjardins Group, North America's leading financial cooperative group, recorded surplus earnings before member dividends of $2,259 million, up $1,017 million from fiscal 2022, as restated following the adoption of IFRS 17, "Insurance Contracts", on January 1, 2023 1 . As permitted by this standard, Desjardins Group has chosen to recognize the impact of the reclassification of its investments related to insurance activities as at January 1, 2023 and, consequently, not to restate fiscal 2022 for this item. In addition, the asset and liability portfolios were not managed under the new standards. As a result, these items limit the comparability of the 2023 results with the restated 2022 results. Remember that the surplus earnings posted for 2022 were $2,050 million under IFRS 4, the standard in force before the adoption of IFRS 17. The growth in surplus earnings was due to increases in net insurance service income and net interest income. It was partly offset by a higher provision for credit losses compared to 2022, wage indexation and increased spending on technology.

For fiscal 2023, the provision for member dividends stood at $412 million, up $9 million from fiscal 2022. Sponsorships, donations and scholarships amounted to $126 million, compared to $115 million for the previous year, of which $57 million comes from caisses' Community Development Fund. Furthermore, on December 15, 2023, the Board of Directors approved an interest payment of $293 million to holders of F capital shares, an increase of $31 million compared to fiscal year 2022.

For the fourth quarter ended December 31, 2023, surplus earnings before member dividends totalled $750 million, up $292 million from the corresponding period in 2022 and restated following the adoption of IFRS 17, "Insurance Contracts", on January 1, 2023 1 . This increase was mainly due to growth in net insurance service income and higher net interest income, but was partly offset by a higher provision for credit losses.

"Desjardins Group presents solid results for the fiscal year ended December 31, 2023", said Guy Cormier, President and CEO of Desjardins Group. "Combined with our robust capitalization, these results allow us to support our members and clients during this difficult period. Over the past year, our teams have contacted tens of thousands of Personal and Business members so that they could make informed decisions on how to meet their financial obligations in the face of rising interest rates. I'm proud of the efforts made by all Desjardins employees, who always do what's best for our members and clients". 

Supporting a green economic and social recovery

Desjardins is contributing to regional development and the economy through the GoodSpark Fund, which has set aside $250 million to stimulate social and economic activity in communities.

Since the creation of the GoodSpark Fund, Desjardins has committed a total of $182 million to 818 projects.

Desjardins Group also supports initiatives to address the shortage of affordable housing. Through its partnership with the Government of Quebec (in French only), Desjardins will create or ensure the preservation of more than 1,750 affordable housing units over a three-year period. Several projects totalling more than 800 housing units have already been announced. These include the Coopérative d'habitation des Cantons de l'Est et de la Ville de Sherbrooke (in French only), the Manoir Lafontaine (in French only) and the Corporation Mainbourg (in French only) in Montreal, as well as the HAN housing project.

Connecting with entrepreneurs

Last fall, Guy Cormier, President and CEO of Desjardins Group, started visiting Québec chambers of commerce, including those in Gatineau, Saguenay, Sherbrooke and Rimouski, to discuss leadership. This tour followed up on previous tours to visit the Regroupement des Jeunes Chambres de Commerce du Québec (RJCCQ) and various universities, and came on the heels of the major Dream the Impossible event. His goal was to discuss the different issues and challenges affecting all entrepreneurs and business leaders in Québec. The tour also included Western Canada (Vancouver and Calgary) and France.

Doing what’s best for members and clients

Desjardins is involved in people's lives, whether by supporting community initiatives related to diversity, inclusion, cooperation, financial literacy and healthy living, or by offering innovative financial solutions to meet their needs. Below are some examples of the ways that Desjardins made a positive difference in people's lives since the third quarter of 2023.

Giving back to the community
  • The GoodSpark Fund supported numerous initiatives during 2023 for a total amount $21 million, including $8 million during the 4th quarter of 2023. These contributions support projects that will make a difference in communities, such as the Sourires solidaires dental clinic (in French only), which offers services to children with special needs such as autism spectrum disorder, anxiety and attention deficit disorder, as well as physical and intellectual disabilities.
  • Partnership with the TELUS Friendly Future Foundation to support youth coping with worries about the environment and to help fight climate change. This partnership makes four meaningful projects possible. These educational and environmental projects will launch shortly across Canada.
  • Presentation of a Web conference (in French only) hosted by Jimmy Jean, Desjardins Group's Chief Economist. The conference focused on the economic and financial outlook to give members and clients the information they need to make better financial decisions. For the French-language conference, Emna Braham from the Institut du Québec joined Jimmy Jean to discuss productivity, the labour market and demographics.
  • Louélec, a leader in the field of electric vehicle fleet management, received $3 million from Desjardins. The money will allow the company to roll out its plan to acquire 400 new electric vehicles so that it can provide innovative solutions to facilitate access, management and maintenance of business vehicle fleets.
  • Desjardins received four awards for its investment products at the LSEG Lipper Fund Awards 2023 : the Desjardins SocieTerra Cleantech Fund, the Desjardins Overseas Equity Fund, the Desjardins Floating Rate Income Fund and the Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF.
  • Launch of an advanced life deferred annuity for investors who don't need to withdraw funds in the early years of retirement. Desjardins is the first financial institution in Canada to offer this tax-efficient product that allows them to defer taxation past their 71st birthday.
  • Forbes magazine ranked Desjardins as one of the best financial institutions to work for in Canada in 2024. For the 13th consecutive year, Mediacorp also recognized Desjardins as one of the best employers in the country, as well as one of the best employers for young people.

For more information (media inquiries only):
Chantal Corbeil
Public Relations
514 247-0465

Surplus earnings before member dividends reported for fiscal 2022 totalled $2,050 million under IFRS 4, "Insurance contracts", the standard in effect before the adoption of IFRS 17 ($576 million for the fourth quarter of 2022).