Quebec’s Desjardins Group credit union is reporting that profit jumped 55% in the first quarter, thanks to a strong rise in retail banking and fund management services.

Earnings for the quarter ended March 31 increased by $68 million to $192 million.

The earnings exclude a $31 million in provisions and loan losses, down from provisions of $35 million last year, as well as $56 million paid to its member-owners, versus $39 million a year ago.

The co-operative network of credit unions also says that it is still shopping around for acquisitions.

“After a solid first-quarter financial performance, Desjardins Group is in an even better position to actively pursue development opportunities in Quebec and elsewhere in Canada,” says president and CEO Alban D’Amours,.

The group’s return on equity reached 14.7% in the quarter, up from 10.1%the year before.

Total assets jumped 4.8% or $3.9 billion, to $86 billion.