The Desjardins Group’s first-quarter earnings climbed to $255 million, a jump of $77 million from a year earlier, Quebec’s largest financial institution reported today.

Desjardins attributed the improvement to a $38-million hike in earnings from subsidiaries and a $26-million gain on derivatives resulting from the application of new accounting standards on hedging transactions.

Dividends to member-owners totalled $92 million for the three months ended March 31, compared with $96 million a year earlier.

Assets as of March 31 stood at $100.7 billion, including the assets of member federations in Manitoba and New Brunswick. That is an increase of 11.7% from a year earlier.

“We are certainly pleased with these results,” Desjardins Group president Alban D’Amours said in a news release.

“We are especially proud of having surpassed the $100-billion mark in total assets.”

With more than five million members and clients and its assets of $100 billion, Desjardins Group is ranked the sixth largest financial institution in Canada.

It comprises a network of credit unions and corporate financial centres in Quebec and Ontario and 20 subsidiaries, many of which are active across the country.