Desjardins announces its results for the first quarter of 2026

LÉVIS, QC, May 13, 2026 /CNW/ – The results announced today by Desjardins Group give it all the leverage it needs to continue its mission of driving community development and giving its members and clients the support they need to be financially empowered. For the first quarter of 2026, the provision for member dividends totalled $151 million, compared to $113 million for the comparable period of 2025, an increase of 33.6%. Amounts returned in the form of sponsorships, donations and scholarships totalled $31 million, of which $15 million came from the caisses’ Community Development Fund.

Desjardins Group recorded surplus earnings before member dividends of $960 million for the first quarter ended March 31, 2026, up $222 million, or 30.1% compared to the same period of 2025. Total net revenue rose by 11.4%, driven in particular by the performance of the Personal and Business Services segment, which benefited from higher net interest income, mainly tied to business growth. The Property and Casualty Insurance segment recorded higher income from automobile and property insurance. As for the Wealth Management and Life and Health Insurance segment, growth in its other income linked to assets under management and under administration was offset by a decrease in net insurance service income.

“These results confirm the strength of Desjardins’s cooperative model and the confidence of its members and clients, while Guardian officially joins Desjardins Group,” said Denis Dubois, President and CEO of Desjardins Group. “This acquisition strengthens the expertise available to Desjardins’s members and enables Guardian clients to benefit from the strength of Desjardins Group. Despite a challenging economic environment, this performance allows us to continue our support to members and communities, including through investments in affordable housing and support for the Fondation Autiste & majeur to create new centres in Bas-Saint-Laurent and Mauricie, thus contributing to the economic development of Québec and Canada.”

• Completion of the acquisition of Guardian Capital Group Limited
  Desjardins has reached a significant milestone in its asset management growth strategy with the completion, on March 23, 2026, of the transaction to acquire Guardian. This merger of the strengths of Desjardins Global Asset Management and Guardian creates a leading platform and reinforces Desjardins Group’s presence across Canada and internationally.

• Support for innovation and technological entrepreneurship
  By teaming up with Quantino, a high-tech incubator, Desjardins is strengthening its support for innovation. This partnership enables Desjardins to support start-ups and foster growth in strategic technology sectors, thereby promoting economic development and the creation of skilled jobs.

• Support for members and clients in an uncertain economic environment 
  Against a backdrop of economic uncertainty, Desjardins continued to play a supportive role, particularly during an economic Web conference with Jimmy Jean, Vice-President and Chief Economist of Desjardins Group, on the outlook for 2026. This initiative helped inform businesses and the public about current and future economic and financial issues.

• A top employer recognized nationally
  Desjardins has once again been named one of the top employers in Canada, by Forbes magazine and MediaCorp, confirming its commitment to an inclusive and inspiring working environment. In addition to this recognition, Desjardins has received Platinum Parity Certification from Women in Governance for a fourth consecutive year, evidence of its ongoing efforts to promote gender parity and inclusion.

• A sustained commitment to communities, young people and vulnerable individuals 
  Faithful to its mission, Desjardins continued to fulfil its commitment by supporting impactful initiatives. This includes a contribution to the La HUTTE project (in French only) which will enable the creation of 60 temporary housing units for people experiencing homelessness. Furthermore, the Desjardins Foundation continued its work in support of youth and educational success, reaching hundreds of thousands of young people across the country. Last year, it donated $7.1 million to help close to 700,000 young people thrive.

Financial highlights

Comparison of the first quarter of 2026 to the first quarter of 2025:

• Surplus earnings before member dividends of $960 million, up $222 million, or 30.1%.
  • Total net revenue of $4,101 million, up $419 million, or 11.4%:
  • Net interest income of $2,187 million, up $220 million, or 11.2%, mainly due to growth in average residential mortgages and business loans outstanding.
  • Insurance service result of $375 million, up $85 million, or 29.3%, linked to automobile insurance operations, for which the loss component on onerous contracts had a less favourable impact.
  • Net insurance finance result of $159 million, down $15 million, due in particular to market developments.
  • Other income of $1,380 million, up $129 million, or 10.3%, due in particular to growth in assets under management and under administration.
• Provision for credit losses of $212 million, compared to $210 million for the corresponding period in 2025.
• Gross non-interest expense of $2,877 million, up $141 million, or 5.2%, compared to the first quarter of 2025, mainly due to increased spending on personnel.
• $182 million returned to members and the community,⁽¹⁾ up $43 million, or 30.9%.

Other highlights:

• Desjardins Group maintains strong capitalization levels, in accordance with Basel III requirements.
  • Tier 1A capital ratio⁽¹⁾ of 23.2%, compared to 23.7% as at December 31, 2025.
  • Total capital ratio⁽¹⁾ of 26.1%, stable when compared to December 31, 2025.
• Total assets grew 2.8% since December 31, 2025, to $524.3 billion as at March 31, 2026.
• Several securities issuances were completed during the first quarter of 2026, including under the Canadian medium-term note program, the multi-currency medium-term note program, the Canadian Non-Viability Contingent Capital subordinated notes program, and the legislative covered bond program.

Non-GAAP financial measures and other financial measures

To measure its performance, Desjardins Group uses different Canadian generally accepted accounting principles (GAAP) (International Financial Reporting Standards (IFRS)) financial measures and various other financial measures, some of which are non-GAAP financial measures. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure (Regulation 52-112) provides guidance to issuers disclosing specified financial measures, including the following measures used by Desjardins Group:

• A non-GAAP financial measure;
• Supplementary financial measures.

Non-GAAP financial measure

The non-GAAP financial measure used by Desjardins Group in this press release, and which does not have a standardized definition, is not directly comparable to similar measures used by other companies, and may not be directly comparable to any GAAP measure. It is defined as follows:

Return to members and the community

As a cooperative financial group contributing to the development of communities, Desjardins Group gives its members and clients the support they need to be financially empowered. The amount returned to members and the community, a non-GAAP financial measure, is used to present the overall amount returned to the community and is composed of member dividends, as well as sponsorships, donations and scholarships.

More detailed information about the amounts returned to members and the community may be found in the “Financial Highlights” table on the following page.

Supplementary financial measures

In accordance with Regulation 52-112, supplementary financial measures are used to show historical or expected future financial performance, financial position or cash flows. In addition, these measures are not disclosed in the financial statements. Desjardins Group uses certain supplementary financial measures, and their composition is presented in the Glossary on pages 47 to 52 of the MD&A for the first quarter of 2026.

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