(August 9 – 12:30 ET) – Desjardins Trust is reporting reduced earnings for the second quarter ending June 30. The trust company says net earnings dropped to $3.1 million, down from $4.4 million a year ago. In a statement, the company blames increasing corporate tax burden for the poorer performance.

Fee income for the second quarter reached $21.6 million, compared with $20.4 million a year ago, thanks to increased fees from asset custody, mutual funds and financial services to individuals.

Due to wider margins and increased volume total revenues reached $28.1 million compared with $25.6 million a year ago.

As of June 30, Desjardins Trust assets totaled $1.25 billion, compared with $1.14 billion last year.
-IE Staff