Desjardins Group, Canada’s largest co-operative financial group, said today its net profit surged 65.8% in the second quarter to $315 million.

Stronger results in the personal and commercial segment, particularly the caisse network, and the insurance segment were primarily responsible for the gain, the Quebec-based financial service said.

“These excellent results stem from the concerted efforts of the caisse network and of all Desjardins Group components, as well as from the positive impact of the initiatives undertaken in 2006, aimed at achieving continuous improvement in the Desjardins Group’s financial performance,” said Alban D’Amours, President and CEO of Desjardins Group, in a release.

A year earlier, Desjardins had $190 million in surplus earnings before patronage dividends to caissemember-owners.

The provision for patronage dividends in the quarter ended June 30 was $177 million, up 59.5%.

Total income was $2.21 billion, down about 1.7% from $2.25 billion in the second quarter of 2006.

Profitability in the insurance segment, particularly in the life and health insurance subsidiary, was up 12.4%.

The provisions for credit losses in the quarter totalled $41 million compared to $36 million a year earlier.

Total assets increased by nearly 15% to $143 billion.

http://www.newswire.ca/en/releases/archive/August2007/15/c6799.html