Desjardins Group has reported solid 2025 results that strengthen its cooperative balance sheet and give it room to keep lifting member dividends and funding community initiatives.
For the fiscal year 2025, Desjardins posted surplus earnings before member dividends of $3.81 billion, up 13.6% from $3.36 billion in 2024. Revenue rose to $16.31 billion from $14.66 billion, while total assets climbed 8.3% to $510.2 billion.
Growth was driven largely by the Personal and Business Services segment, which benefited from higher net interest income on expanding residential mortgage and business loan books, partly offset by a higher provision for credit losses.
Wealth Management and Life and Health Insurance also reported stronger other income and a higher net insurance finance result on the back of favorable market conditions, while Property and Casualty Insurance performed broadly in line with 2024.
Desjardins increased its provision for member dividends to $505 million, up 15.6% year over year, and returned a total of $638 million to members and communities when sponsorships, donations and scholarships are included, up 14.5% from 2024.
In the fourth quarter of 2025, surplus earnings before member dividends were $1.06 billion, up from $826 million a year earlier, with lower quarter‑over‑quarter provisions for credit losses and stronger markets offsetting higher claims in auto and property lines.
Desjardins ended the year with a Tier 1A capital ratio of 23.7% and a total capital ratio of 26.1%, both higher than at year‑end 2024, and continued to diversify its funding by issuing a record number of bonds in six currencies. Capital levels remain well above Basel III cooperative requirements, giving the group flexibility to support growth, invest in technology and absorb shocks.
On headline profit, Desjardins is much smaller than the “Big Six” banks but ahead of most domestic mutuals. Royal Bank of Canada reported net income of $20.4 billion for fiscal 2025, up 25% year over year, with revenue of $66.6 billion and a 16.3% return on equity. TD Bank Group posted reported net income of $20.54 billion and adjusted net income of $15.03 billion for 2025.
Among cooperative insurers, Co‑operators General reported 2025 net income after tax of $671.2 million on net insurance revenue of $5.47 billion, with total assets of $9.22 billion. Desjardins’ $3.81 billion surplus and $510.2 billion asset base therefore put it closer in scale to a mid‑sized national bank than to other Canadian mutuals, while still operating under a cooperative model.
Where Desjardins differs from listed peers is how it allocates earnings. RBC returned $11.3 billion to shareholders in 2025 via dividends and buybacks and lifted its quarterly dividend to $1.64 per share. Desjardins, by contrast, distributes value mainly through member dividends, pricing, and community investment — including its GoodSpark Fund and an affordable‑housing program targeting more than 10,000 units by 2028 — while retaining substantial surplus to support capital ratios and growth.
