Desjardins Group declared record combined surplus earnings of $601 million for 2001, up 14%.

Thanks to the results, 658 Desjardins caisses paid out a record amount of patronage allocations to their member-owners, a total of $269 million, which was 88.1% more than in 2000. In addition to patronage allocations, the Desjardins caisses also granted $31 million in sponsorships, donations and bursaries, for a grand total of $300 million given to members and communities in 2001, compared to $174 million in 2000. Return on members’ equity amounted to 12%, compared to 11.4% a year earlier.

“These excellent results are the fruit of the combined efforts of all Desjardins Group components. They are attributable, among other things, to our more streamlined structure, our enhanced service offering, our increasingly efficient management of rate risk, the improved quality of our loan portfolio and the competence of our resources,” stated Alban D’Amours, president and CEO of Desjardins Group. “The payment of $300 million to caisse members and Québec communities is concrete proof of the Desjardins cooperative advantage.”

Financial intermediation closed out the year with surplus earnings before patronage allocations of $496 million as against $403 million in 2000. This segment’s contribution to the group’s combined results rose from 76.6% in 2000 to 82.5% in 2001.

At year-end 2001, total assets in the cooperative network of Desjardins caisses in Québec, i.e., the caisses, the Fédération, the Fonds de sécurité, Capital Desjardins inc. and Caisse centrale Desjardins, amounted to $69 billion, up $3.6 billion or 5.5% over the year, compared to an increase of $2.3 billion or 3.7% at the end of 2000. Mutual funds and securities sold in the Desjardins caisses amounted to $9 billion as at December 31, growth of $1.3 billion or 17.6% during the year, as against $1.1 billion and 16.1% growth in 2000.

Other business segments served by the subsidiary companies represented $105 millions or 18.5% of Desjardins Group’s combined surplus earnings, compared to 23.4% in 2000. The life and health insurance segment’s contribution to the combined results was $66 million. The general insurance segment’s contribution in 2001 was $33 million. The fourth segment, consisting mainly of trust services, securities brokerage and development capital investment, contributed $6 million to Desjardins Group’s combined surplus earnings, versus $29 million the previous year.