Desjardins posts surplus earnings of $900 million for the second quarter of 2025 and surpasses $500 billion in assets

Lévis, August 12, 2025 – For the second quarter ended June 30, 2025, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $900 million, compared to $918 million for the comparable period of 2024. This decrease in surplus earnings was primarily due to an increase in the provision for credit losses, due in particular to unfavourable developments in the economic outlook, related to the potential impact of trade disruptions. However, the Personal and Business Services segment benefited from higher net interest income, mainly tied to growth in the loan portfolio, which, among other things, allowed the Group to surpass $500 billion in assets. To support this sustained growth, Desjardins Group expanded its presence on international financing markets by issuing subordinated debt in Swiss francs and yen. Lastly, it should be noted that non-interest expense increased due to investments aimed at supporting business growth and enhancing the services offered to members and clients.

For the second quarter of 2025, the provision for member dividends totalled $113 million, up $3 million from the comparable period of 2024. Sponsorships, donations and scholarships amounted to $34 million, of which $17 million came from the caisses' Community Development Fund.

For the first six months ended June 30, 2025, Desjardins Group recorded surplus earnings before dividends of $1,638 million, down $135 million from the same period 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 as a result of 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 related to the potential impact of trade disruptions. However, the Personal and Business Services segment benefited from an increase in net interest income, related primarily to business growth. Lastly, we would like to point out that the increase in non-interest expense stemmed from investments aimed at supporting growth in operations and enhancing the services offered to members and clients.

"This year, in the 125th anniversary year of its founding, Desjardins has surpassed $500 billion in assets, demonstrating its ambition and how it has stayed close to members and clients," said Guy Cormier, President and CEO of Desjardins Group. "Desjardins continues to deliver remarkable performance. These results demonstrate the financial solidity of our cooperative model, as well as the unwavering commitment of our teams to supporting our members and clients. I wish my successor, Denis Dubois, the very best for continued growth and development of Desjardins Group."

Desjardins Group announces the appointment of its new President and CEO

On June 2, the Board of Directors announced the appointment of Denis Dubois as the next President and CEO of Desjardins Group, effective September 2, 2025. He will succeed Guy Cormier, who has held this position since March 2016. Mr. Cormier will ensure a seamless transition in leadership, supporting Denis Dubois and the Board of Directors as a strategic advisor from September 2, 2025, to March 2026.

Affordable housing: concrete solutions for thousands of households

Through an innovative partnership with the Québec government, the Desjardins Affordable Housing Initiative, launched in 2022, continues to demonstrate its commitment to fighting the housing crisis. After surpassing its initial goal of 1,000 affordable housing units, Desjardins is taking another major step forward with a second agreement, this time in collaboration with the Québec and Canadian governments. The new agreement will enable the creation of 1,000 additional housing units, bringing the total number of affordable units made available across 14 regions of Québec to more than 3,000 by 2028. 

As of June 30, 2025, 1,373 units were already in operation and 894 more were under construction, particularly in the Beauce, Montérégie, Outaouais and Charlevoix (in French only) regions. These achievements confirm the key role Desjardins is playing in the development of sustainable and inclusive.

Desjardins makes investing easier with a revamped offering and a 100% Québec fund

Simplified fund lineup

In an unrelenting effort to meet the changing requirements of its members and clients, Desjardins Investments Inc., as manager of Desjardins Funds, has significantly simplified its mutual fund offering. This initiative aims to provide a simpler, more accessible and advantageous investment experience, while promoting financial empowerment. 

100% Québec fund

Last June, Desjardins Investment Inc., acting as an exchange-traded funds (ETF) manager, launched the Desjardins Québec Equity ETF. This new ETF allows investors to support publicly traded Québec companies and is part of the company's commitment to supporting the local economy.

Unique program to support social economy projects in Québec

Desjardins is opening a new chapter in its support for the social economy. In partnership with Sillons (in French only), a non-profit organization that aspires to scale up social innovations, a unique program is being launched to support up to six promising projects over a 24-month period. By combining Sillons's on-the-ground expertise and Desjardins's impact in the community, this partnership meets a need that was strongly expressed at the last Sommet de l’économie sociale (in French only).

Desjardins takes action for a fair and sustainable transition

Desjardins is continuing its efforts toward a fair and sustainable transition, as evidenced by its 2024 ESG disclosures, published in May 2025. The document outlines the Group's commitments to environmental, social and governance (ESG) factors. During this period, Desjardins reached the $2 billion mark in investment in renewable energy infrastructure, issued its first green bond on the European market, and actively supported equity, diversity and inclusion.