Desjardins Trust reported third quarter net earnings of $3.1 million, bringing the earnings for the first nine months of the year to $10.4 million.

In comparison, the third quarter and the first nine months of the preceding year ended with net earnings of $4 million and $11.2 million respectively. This year’s results represent a return on common shareholder’s equity of 21.73% for the first nine months of the year.

Total income for the third quarter was $28.4 million as of September 30, compared to $28.9 million for the same period in 2001. Fee income accounted for $22.4 million, compared to $21.6 million in 2001. This increase is attributable to the growth enjoyed in average funds’ assets despite the decline of the financial markets.

Net investment income reached $6 million, compared to $7.3 million in 2001. This reduction is explained by the shrinkage of the financial intermediation margins and, by a decrease of the turnover stemming from the planned reduction in financial intermediation activities.

Total operating expenses for the quarter ending on September 30, were $23.7 million, up from $22.3 million during the same period in 2001. This increase is attributable to the efforts invested in supporting business development and in ensuring the proper positioning of the company in its key sectors, namely the investment funds and the private management services.

Desjardins Trust assets slipped to $1.23 billion, compared to $1.29 billion as of December 31.