Source: The Canadian Press

Financial co-operative Desjardins Group reported Wednesday its surplus earnings before member dividends were up 23% in the third quarter to $464 million due to increased loans and credit cards.

That compared with $378 million in the same period a year ago, the credit union said.

Revenue was up 6.7% to $3.3 billion in the quarter, compared with $3.07 billion in the same period a year ago.

“Our activities experienced sustained growth through the quarter, both in the caisse network and in our business segments,” chief executive Monique Leroux said in a news release.

“With a view to prudent management, we also continued to strengthen our capitalization in light of the potential for new regulatory and accounting developments in this area.”

The organization’s Tier 1 capital ratio was 17.6%.

Desjardins Group said the results were due to its consumer-oriented personal services and its business and institutional services divisions, which contributed $287 million to surplus earnings before dividends.

“This contribution was in part the result of increases in outstanding personal and business loans granted by the caisse network and in credit card and point-of-sale financing activities,” Desjardins said.

Canada’s largest financial co-operative said its property and casualty insurance division contributed $15 million to its surplus earnings in the third quarter, or $17 million less than in the same quarter of 2009.

As of Sept. 30, Desjardins Group had $175.5 billion in total assets, compared with $157.2 billion at the end of 2009.