Lévis, May 12, 2022 – For the first quarter ended March 31, 2022, Desjardins Group, North America’s leading financial cooperative group, recorded surplus earnings before member dividends of $519 million, down $279 million from the same quarter of 2021. This decrease in surplus earnings was mainly due to larger amounts invested in strategic projects, especially in relation to the digital shift and security, and a higher loss experience in the Property and Casualty Insurance segment. The reduction in surplus earnings was partially offset by gains in net interest income and other operating income1.
For the first quarter of 2022, the provision for member dividends was $102 million, up $12 million or 13.3% from the same period in 2021. Sponsorships, donations and scholarships come to $16 million, including $6 million from caisse Community Development Funds. This amounted to a total of $118 million returned to members and the community2, up $16 million or 15.7% from the same period in 2021. In the first quarter of 2022, Desjardins also announced $2 million in commitments related to the GoodSpark Fund which seeks in particular to provide social and economic support to the region.
“These results and Desjardins Group’s financial strength allow us to invest more in real solutions for our members and clients, particularly in technology and sustainable development. In fact, MediaCorp has recognized Desjardins as one of Canada’s Greenest Employers. And we continue to innovate by adding electric charging stations and bike repair stations in our caisse network and by implementing incentives to make it easier for our employees to use fuel-efficient cars” said Desjardins President and CEO Guy Cormier.
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, and the Momentum Fund to support businesses.
Since the creation of the GoodSpark Fund, Desjardins has committed a total of $149 million to 668 projects. Meanwhile, the Momentum Fund has also supported 1,192 businesses for a total near to $8 million.
Desjardins is also working to speed up the transition to a low-carbon economy. Several sustainable mobility solutions for its members, clients and employees were proposed in the first quarter of 2022, including:
- An expanded network of electric charging stations:
- As at December 31, 2021, 302 charging stations had been installed, including 279 that are available to the general public. The goal is to build a network of 500 electric charging stations by 2025 for members, clients and communities in Quebec and eastern Ontario.
- The installation of bike repair stations across Québec:
- The goal for 2022 is to install 50 repair stations across the network. Caisses can install the stations on site or at a partner organization.
- Changes to the mileage reimbursement policy for fuel-efficient vehicles:
- Bigger reimbursements are provided for employees who carpool, as well employees with electric or hybrid vehicles.
- More sustainable vehicle choices for Desjardins Group’s fleet:
- In the last year, all vehicles added to the Desjardins fleet were low-emission vehicles. Desjardins Insurance now has 474 vehicles across Canada, including 243 hybrid, plug-in hybrid and electric vehicles, representing 51% of the fleet.
Giving back to the community
Desjardins has been more involved than ever in people's lives and continues to support initiatives on diversity, inclusion and cooperation. Here are some of the ways that Desjardins has been making a positive difference in people's lives since the first quarter of 2022:
- $500,000 in support for the Fondation Autiste & majeur to fund day centres with activities that help adults with autism develop and maintain important skills.
- Commitment to donnate 3,000 laptops to non-profit organizations in Ontario and Québec in 2022. The CFS+ program will refurbish and redistribute them to schools, low-income families, etc.
- Desjardins Insurance and its agent network has donated over $500,000 to food banks across Canada during the pandemic, as they are they are facing increased demand.
- Desjardins is here to help refugees and all our members and clients affected by the war in Ukraine, including through a $100,000 donation to the Canadian Red Cross.
Desjardins is constantly innovating to meet the needs of its members and clients. Here are just a few examples from the first quarter of 2022:
- $845,000 financial contribution to Canada’s Digital Identity Laboratory to build a strong digital economy.
- Partnership with DMZ, a leading start-up incubator headquartered in Toronto, to develop the Launchpad for Entrepreneurs program, powered by Desjardins, to shorten the learning curve for tech entrepreneurs while lowering barriers to entry.
- Keeping Canadians safe by investing more than $3 million in partnerships to reduce road accidents and help local communities adopt best practices for road safety, especially with the Ajusto program, which assesses behaviour and driving habits.
1. For more information on non-GAAP financial measures and supplemental financial measures, see "Non-GAAP financial measures and other financial measures" on page 9.
2. For more information on non-GAAP financial measures and supplemental financial measures, see "Non-GAAP financial measures and other financial measures" on page 9.
For journalists only: Chantal Corbeil
Public relations, Desjardins Group
514 281-7229 or 1 866 866-7000, ext. 5557229