Desjardins profit grows in quarter
Desjardins Group financial co-operative, Quebec's largest financial institution, said its profit before member dividends grew nearly 14 per cent to $402-million in the second quarter. It paid out $67-million to members and distributed $23-million to community groups, amounts similar to last year. Total revenue grew 3.7 per cent to $3.35-billion as it benefited from increased credit card activities, commission income on insurance sales and a more favourable insurance claims. CEO Monique Leroux said the network recorded a "solid performance in an increasingly competitive environment. ... Our insurance subsidiaries also recorded a robust increase in volumes in Canada," she said.