The Desjardins Group financial co-operative posted a $269 million in surplus earnings, before dividends, in the second quarter.

That’s a 21.7% increase over the corresponding amount in second quarter in 2003, the credit union-based group said Friday.

Desjardins said the substantial improvement is primarily from increased contributions from subsidiaries, particularly from the Desjardins General Insurance Group, whose earnings grew more than $13 million, or 51%m compared with 2003.

The group, the largest financial institution in Quebec, recorded a 16% return on equity during the first six months, compared with 13.4% last year.

As of June 30, Desjardins Group’s total assets, including the credit unions of Quebec, Ontario, Manitoba and New Brunswick, stood at $102.5 billion, up 7.7% over the previous year.

“As an integrated cooperative financial group, Desjardins has once again demonstrated the combined strength of all its components,” said Alban D’Amours, president and CEO of Desjardins Group, in a news release.