Desjardins Group recorded surplus earnings before goodwill charges and patronage allocations to members of $223 million for the third quarter of 2002, ended September 30, compared to $190 million for the corresponding quarter of 2001.

This $33 million year-over-year increase was chiefly due to continued earnings growth in Desjardins’ financial intermediation segment, its caisse network.

At the close of the first nine months of 2002, Desjardins posted combined surplus earnings before goodwill charges and patronage allocations to members of $567 million, an $87 million or 18.1% jump from the $480 million in 2001. As a result, ROE for the period improved considerably, reaching 14.1%, up from 12.7% in 2001.

Patronage allocations to caisse members reached a new high at $251 million for the nine months, up 63% over the same period in 2001.

“The expansion of the Quebec and Canadian economies has resulted in another outstanding quarter for Desjardins Group. Credit demand was exceptionally vigorous, especially in the housing sector, and recruitment of savings continued as a very sustained pace,” said Alban D’Amours, president and CEO.

At September 30, 2002, Desjardins Group’s overall assets, including those of the caisses and federations in Ontario, Manitoba and Acadia, amounted to $90.1 billion, for an increase of 6.7% for the year to date.