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Desjardins Group posts best Q2 results ever; surplus earnings up 15.2 per cent

LEVIS, Que. - The Desjardins Group says it achieved its best second-quarter results ever, with the Quebec-based financial co-operative reporting surplus earnings before dividends of $446 million in the three months ended June 30.

That was up 15.2 per cent from $387 million in the same 2013 period.

Desjardins reported $3.15 billion in operating income for the period, up 7.4 per cent from $2.93 billion.

"These results — the best in our history — underscore the relevance of our business strategies and our service offer, which are tailored to meet the needs of members and clients," president, CEO and board chairwoman Monique Leroux said Tuesday in a statement.

Desjardins Group is the leading co-operative financial group in Canada and the fourth-largest co-operative financial group in the world with total assets of $221.5 billion, up from $212 billion at the end of June 2013.

Desjardins has historically been focused mainly in Quebec where it operates an extensive branch network that make it one of the province's leading suppliers of financial services.

However, Desjardins also operates other businesses outside the province and it has made acquisitions that expand its presence in other parts of Canada.

In January, Desjardins said it would acquire State Farm's Canadian business, which will be operated as a separate unit with 1,700 employees and 500 agents. The transaction, expected to close in January 2015, would make Desjardins one of Canada's largest providers of property and casualty insurance, which includes home and auto coverage.

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