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Desjardins continues to support its members and clients and records solid results for the third quarter of 2023

November 9, 2023

AN ACTIVE AND INVOLVED GROUP. EspaceProprio: a newone-stop shop in the Québec housing market.

Lévis, November 9, 2023 – For the third quarter ended September 30, 2023, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $614 million, up $319 million from the same quarter of 2022 and restated following the adoption of IFRS 17, “Insurance Contracts”, on January 1, 20231. This increase was mainly due to growth in net insurance service income2 as well as higher net interest income.

For the third quarter of 2023, the provision for member dividends stood at $106 million, unchanged from the same period of 2022. Sponsorships, donations and scholarships amounted to $25 million, compared to $22 million for the same quarter of 2022, of which $12 million came from caisse Community Development Funds.

“Desjardins Group reported excellent financial results for the third quarter of 2023”, said Guy Cormier, President and Chief Executive Officer of Desjardins Group. “Combined with our robust capitalization levels, financial strength and rigorous risk management, these results allow us to support our members and clients in these more difficult times.”

At the end of the first nine months of 2023, Desjardins Group recorded surplus earnings before member dividends of $1,509 million, up $725 million from the same period of 2022, as restated following the adoption of IFRS 17, “Insurance Contracts”, on January 1, 20233. This increase in surplus earnings was mainly due to a $582 million rise in the net insurance finance result, which had been adversely affected by the significant jump in interest rates in the comparative period of 2022. Growth was also recorded in other income and in net interest income. This increase in surplus earnings was partly offset by greater spending on personnel and technology compared to the first nine months of 2022, and by a higher loss experience in the Property and Casualty Insurance segment that was mainly driven by the higher average cost of claims in automobile insurance due to the impact of inflation and an uptick in car thefts. Furthermore, the provision for credit losses went up.

See our full financial results This link will open in a new window. This link will open in a new window.

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 $174 million to 784 projects.

Issuing sustainable bonds is one of the means used by Desjardins Group to fulfil its sustainable development commitments and help members and clients shape the world of tomorrow.

In August 2023, Desjardins issued $500 million in sustainable bonds (in French only) on the Canadian market. The net proceeds from this new issue will be used to finance loans. A certain percentage of the projects funded will have social objectives (40%) while the rest will have environmental objectives (60%). This is the second issue of sustainable bonds since the program was launched in September 2021, bringing the total amount to $1 billion. Moreover, the first issue of sustainable bonds contributed $134.3 million to help finance the construction of 1,404 units of affordable housing.

Connecting with entrepreneurs

The President and CEO of Desjardins Movement, Guy Cormier, started visiting Québec chambers of commerce in Gatineau and the Saguenay. This tour follows a desire to meet with the business community at major forums as a follow-up to previous tours, including a tour of the regions in August 2022, of the Regroupement des Jeunes Chambres de Commerce du Québec (RJCCQ), and of various universities, and the Dreaming the Impossible event. The goal was to discuss the different issues and challenges affecting all entrepreneurs and business leaders in Quebec. The tour also includes Western Canada (Vancouver and Calgary) and France.

Desjardins economists also published a three-part series on opportunities and challenges for innovation faced by businesses in Canada. The first in the series focused on public policies that seek to promote innovation in Canada. It was followed by a second study on “disruptive” innovation that could revolutionize how Canadians go about their daily lives. The third explored the barriers to innovation that businesses face, as well as potential solutions.

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. Here are some ways that Desjardins made a positive difference in people's lives in the third quarter of 2023.

Giving back to the community

  • Donation of $50,000 to the Canadian Red Cross to provide emergency aid for earthquake victims in Morocco.
  • Presentation of the fifth edition of our web conference (in French only) with Jimmy Jean, Chief Economist of Desjardins Group, on economic and financial forecasts to help members and clients make better financial decisions.
  • Launch of EspaceProprio, a new one-stop shop in the Quebec housing market. EspaceProprio is a one-of-a-kind ecosystem that gives current and prospective homeowners in Quebec an easy way to get valuable help with everything from home renovations and maintenance to buying and selling property.
  • Contribution of $1.25 million to the Cité de l'innovation circulaire et durable, which is supported and guided by the Corporation de développement économique de Victoriaville et sa région to help businesses grow sustainably.


  • Desjardins was named “Best House, Capital Protection Americas” by Structured Retail Products. This award is a testament to the quality of our structured products.
  • Reduction in management fees charged by five Desjardins Funds. These changes reflect a commitment by Desjardins Investment Inc., which manages Desjardins Funds, to offer competitively priced, actively managed investment funds with access to world-class portfolio managers.
  • A partnership between Axium Infrastructure and Optima Living, which provides senior's housing and care in Western Canada, and Desjardins Global Asset Management, Desjardins Group's asset manager.
  • Launch of an educational game, Unforeseen, a fun app designed to introduce young people to financial decision-making. This game is the latest addition to Desjardins's toolbox for anyone who wants to improve their financial literacy.

For journalists only: 
Chantal Corbeil
Public relations, Desjardins Group
514 281-7229 or 1 866 866-7000, ext. 5557229

1. The surplus earnings before member dividends published for the comparative period of 2022 was $478 million, stated under IFRS 4, “Insurance Contracts”, the standard in effect before the adoption of IFRS 17.

2. As permitted by IFRS 17, Desjardins Group has chosen to recognize the impact of the reclassification of its investments related to insurance activities as of January 1, 2023 and, therefore, not to restate the comparative period for this item. This could therefore limit the comparability of the results with the previous period.

3. The surplus earnings before member dividends published for the comparative period of 2022 were $1,474 million, stated under IFRS 4, “Insurance Contracts, the standard in effect before the adoption of IFRS 17.