Bank hit with $2.48 billion charge
Q2 earnings take hit from writedowns and increased provisions for credit losses
Clark says results are “disappointing” but “acceptable”
But bank increases quarterly dividend
Desjardins Financial Security today announced net income of $36.3 million for the first quarter ended March 31.Income from insurance premiums continued to grow and stood at $618.1 million for an 11.7% increase over the same period in 2007, when DFS reported income of $553.4 million. Insurance sales totalled $51.1 million.In the first quarter of 2008, […]
Record earnings in private client group
Financial sector profits drop 5%
Desjardins Group has booked an additional $220 million writedown on asset-backed commercial paper, nearly doubling its ABCP-related charges to $493 million.The country’s largest credit union, based in Lévis, Que., said yesterday the first-quarter writedown reduced surplus earnings before member dividends to $67 million.The $220 million writedown represents 11.1% of Desjardins’ $1.66 billion in ABCP holdings. […]
Q2 writedowns no surprise, analysts say
Parent company takes US$5.6 billion writedown on U.S. mortgage investments