(September 6 – 11:15 ET) – Caisse centrale Desjardins is reporting improved net income for the second quarter ended June 30. The financial agent of the Desjardin group says net income was $9.1 million, compared to $7.3 million last year. The company says the increase was due in part to the success achieved in business development, especially in foreign exchange and loan activities in most of its target markets.
Assets as of June 30 totalled $10.2 billion, compared to $11.4 billion last year. Desjardins says the decline is due to a decrease in its securities portfolio and the reduction of loans to member federations.
Deposit liabilities were $ 8 billion, of which more than 55 % were raised on the international markets.
The company says that in order to fulfill its mission as the wholesale provider of funds for the Desjardins Group, Caisse centrale Desjardins maintained a high level of capital, as defined by the Bank of International Settlements, which totalled $716 million as at June 30.
-IE Staff