Desjardins Trust is reporting improved earnings for the firs quarter ended March 31. The financial institution posted net earnings of $2.9 million, compared to $2.6 million for the same period last year.

It says the increase is due to increased fee revenues and stabilization in operating costs. Return on common shareholder’s equity amounted to 15.8%.

Fee income grew 3.3% to $21.5 million. According to Desjardins, the increase is attributable to increases in custody service fees that resulted from new mandates and the growth in fees from discretionary portfolio management and institutional savings plans, in addition to the expanded growth of Desjardins Funds.

Net investment income decreased 6% to $6.3 million. Total operating costs amounted $23.1 million as of March 31.

At the end of the quarter, company assets amounted to $1.32 billion, compared to $1.28 billion as of December 31.