Financial co-operative Desjardins Group, Quebec’s largest financial institution, said its profit before member dividends increased nearly 150% to $427 million in the fourth quarter.
Total asset growth was 6.3%, rising to $190.1 billion.
“Both our caisse network and our business lines reported strong performance in the fourth quarter,” said Desjardins president and CEO Monique Leroux.
For the year, profit before member dividends grew 14.1% to $1.58 billion from $1.39 billion.
The provision for credit losses rose 15.7% over the year, mostly due to outstanding loans.
Outstanding gross impaired loans increased by $8 million to $520 million for the year. However, the ratio of impaired loss to total loans improved slightly since year-end to 0.41%.