The global financial crisis has had an impact on the results of the Mouvement Desjardins in the third quarter, so that its members should expect a lower rebate in 2008.
The surplus before dividends for the period from 1 July to 30 September have indeed suffered a decline of almost 40% compared to 2007. The total income of Desjardins Group also decreased by over 15% and has dropped below two billion dollars.
Desjardins has had to deal particularly with a further devaluation of $ 94 million of its commercial paper backed by assets. Other asset-backed securities, in the segment and Enterprise, saw their value drop from 78 million in total.
The insurance and individuals have also contributed much less to excess Desjardins. The many extreme weather events have hurt the sector damage, including the surplus was $ 25 million, compared to 45 million in the third quarter of 2007.
The fall of markets has affected the securities industry, asset management and venture capital Desjardins, which showed a net loss of $ 7 million.
As against the network of Caisses Desjardins posted a surplus of 212 million in the third quarter, up 10%.
The president and CEO of the Mouvement Desjardins has talked a good record, given the context, both in terms of capitalization as the loan portfolio. A spokesman for Desjardins, André Chapleau, said it was important for the institution to maintain or increase its level of capitalization.
Mr. Chapleau agreed as a reserve for rebates of $ 304 million for the first nine months of 2008, compared to 415 million in 2007, Desjardins members should expect to receive a little less money to end of the fiscal year.
The surplus before dividends for the period from 1 July to 30 September have indeed suffered a decline of almost 40% compared to 2007. The total income of Desjardins Group also decreased by over 15% and has dropped below two billion dollars.
Desjardins has had to deal particularly with a further devaluation of $ 94 million of its commercial paper backed by assets. Other asset-backed securities, in the segment and Enterprise, saw their value drop from 78 million in total.
The insurance and individuals have also contributed much less to excess Desjardins. The many extreme weather events have hurt the sector damage, including the surplus was $ 25 million, compared to 45 million in the third quarter of 2007.
The fall of markets has affected the securities industry, asset management and venture capital Desjardins, which showed a net loss of $ 7 million.
As against the network of Caisses Desjardins posted a surplus of 212 million in the third quarter, up 10%.
The president and CEO of the Mouvement Desjardins has talked a good record, given the context, both in terms of capitalization as the loan portfolio. A spokesman for Desjardins, André Chapleau, said it was important for the institution to maintain or increase its level of capitalization.
Mr. Chapleau agreed as a reserve for rebates of $ 304 million for the first nine months of 2008, compared to 415 million in 2007, Desjardins members should expect to receive a little less money to end of the fiscal year.
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