Desjardins posts encouraging results, despite an uncertain economic situation

Lévis, May 13, 2025 – For the first quarter ended March 31, 2025, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $738 million, down $117 million compared to the same quarter of 2024. This decrease in surplus earnings was primarily due to the results of the Property and Casualty Insurance segment, which were affected by higher claims expenses, mainly resulting from increases in both the frequency and the average cost of claims. There was also an increase in the provision for credit losses, due in particular to unfavourable developments in the economic outlook stemming from the imposition of tariffs by the new U.S. administration. In addition, there was an increase in non-interest expense to support growth in operations and enhance the service offering to members and clients. The decline in surplus earnings was partially offset by higher net interest income, mainly as a result of business growth in the Personal and Business Services segment.

For the first quarter of 2025, the provision for member dividends totalled $113 million, up $3 million from the corresponding period of 2024. Sponsorships, donations and scholarships amounted to $26 million, of which $13 million came from the caisses' Community Development Fund.

"Despite economic uncertainty, Desjardins has posted solid financial results for the first quarter," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. "Forbes included Desjardins in its prestigious list of the World's Best Banks 2025, which is a sign that our proactive approach to supporting our members and clients is being noticed. What's more, I'm genuinely proud of our employees' sustained commitment to the members and businesses that have been hit the hardest by the tariffs."

125 years of ambition

A bold and visionary idea was took shape in Lévis 125 years ago. Alphonse and Dorimène Desjardins laid the foundation for a unique cooperative movement with the goal of providing Francophones with the means to achieve their ambitions. Their goal was to build a more just society and enable everyone to achieve their potential. That is how Desjardins Group originated, and we continue to pursue this ambition while remaining true to the values of our founders. Today, Desjardins is a leader in socio-economic development, and the financial institution will be celebrating its 125th anniversary over the coming months under the theme "125 years of ambition." This will be an opportunity to highlight the ambition of some of its 7.8 million members and clients from all walks of life and across Canada and how Desjardins supports them.

Doing what's best for members and clients

Committed to providing support

• In light of the trade tensions with the United States, Desjardins is supporting its members and clients, in both Personal and Business Services. Desjardins teams remain fully mobilized to provide proactive support to those businesses most affected by tariffs, by contacting them directly to ensure they receive the support they need. 

• Together with its economic team, Desjardins provides analysis and recommendations to help its members and clients find their way in this uncertain economic climate. Desjardins is in contact with various economic stakeholders to ensure that solutions are put forward and is helping its business members access them.

• To continue helping people better understand the economic environment, Jimmy Jean, Vice-President and Chief Economist at Desjardins Group, and Emna Braham, President and CEO of the Institut du Québec, presented their first economic web conference (in French only) of the year, on March 27. Among other things, the conference touched on the economic impacts of trade tensions with the U.S. and the impacts on consumers.

High-performance products for members and clients

• Desjardins won the first Prix Mentorat en lumière (in French only), presented by Mentorat Québec. This award recognizes active mentoring programs that contribute to people's personal, professional and social development while supporting the growth of Québec organizations. 

• Desjardins won nine FundGrade A+® Awards in February, from Fundata Canada Inc. These awards are given to Canadian investment funds that have delivered the best risk-adjusted returns and maintained high FundGrade ratings over a full calendar year. The award-winning funds include one mutual fund, two responsible investment exchange-traded funds and six guaranteed investment funds.

• Forbes magazine has ranked Desjardins among the top 10 Canadian companies of its prestigious World's Best Banks 2025 ranking. This ranking lists financial institutions around the world that have succeeded in maintaining the trust of their clients and meeting their financial needs.

Committed to communities

Through the Goodspark Fund, Desjardins stimulates social and economic activity in communities. During the first quarter, Desjardins made a contribution to enable Patro Laval to expand in Québec (in French only) and confirmed support for Cycle Momentum, a clean technology consortium, promoting the "Lab-à-la-Start-up" project. Since 2017, the Goodspark Fund has supported 920 projects totalling $211 million in commitments. 

Through several initiatives, Desjardins helps promote better access to housing, an issue that is affecting all the regions of Québec, as housing costs account for an increasingly large share of household budgets. As part of a partnership with the Government of Québec, Desjardins has committed to supporting the construction of more than 1,750 affordable housing units by the end of 2025. As of March 31, 2025, eight projects totalling 1,190 units are open and operating and 11 projects totalling 772 units are under construction, particularly in the Bas-Saint-Laurent, Centre-du-Québec, Estrie, Laval, Montréal and Outaouais regions.

Desjardins is also maintaining its commitment to work toward a more sustainable and inclusive economy through its initiatives to accelerate the energy transition and its range of responsible finance products and services.