Desjardins Group: Q1 2020 Earnings Affected by COVID-19
Desjardins Group (Desjardins or the Group) reported net income of $285 million in Q1 2020, a 55% decline from comparable net income of $626 million in the previous quarter. The quarter-over-quarter (QOQ) performance is attributed to the impact of the Coronavirus Disease (COVID-19) pandemic, which led to growth in provisioning expenses, higher travel and credit balance insurance provisions, and a decline in the fair value of derivatives stemming from volatility in financial markets and credit spreads.
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