Desjardins-Laurentian Financial Corp. is reporting improved earnings for the second quarter ended June 30. Consolidated net earnings for the quarter were $44.3 million, versus $11.7 million in the year-earlier quarter.

Return on equity was 17.7% versus 4.7% in 2000. Year to date, net earnings totalled $58.6 million for ROE of 11.4%, versus net earnings of $30.1 million and ROE of 6.4% at June 30, 2000.

The second quarter 2000 results included a $20 million provision with respect to the U.K. pension transfer file, which was settled in 2000. The impact on consolidated net earnings, after non-controlling interests, totalled $15.2 million.

Consolidated revenues reached $882.5 million for the quarter and $1,728.4 million year to date, versus $791.6 million and $1,621.9 million in 2000, up 11.4% for the quarter and 6.6% for the six-month period.

Net premiums were up 10.7% for the quarter at $603.7 million, and 13.8% for the half-year at $1,219.4 million, versus $545.4 million and $1,071.8 million, respectively, in 2000.

The increase was derived mainly from the general insurance operations, reflecting the acquisition of subsidiaries outside Quebec in August 2000, and the 11% increase in sales by the Quebec subsidiaries versus the first six months of 2000.

Operating expenses were $250.7 million for the quarter and $506.6 million for the half-year, versus $209.4 million and $430.3 million in 2000. The increase was attributable to the additional operating expenses incurred by the new general insurance subsidiaries.

At June 30, 2001, DLFC’s assets totalled $12.7 billion, versus $12.1 billion at December 31, 2000 and liabilities totalled $11.3 billion versus $10.7 billion at the end of the previous year. The more than $600 million increase was generated mainly by the securities brokerage sector, which repatriated some of CCD’s activities.