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Indian Express
29-05-2025
- Entertainment
- Indian Express
10 years of Nivin Pauly and Sai Pallavi's Premam: Unpacking the ‘second film in the history of world cinema with nothing fresh'
It was May 2015, the pre-Covid era when anything and everything called for celebration in Kerala colleges: whether someone passed or failed an exam, showed up or skipped class, or even whether it rained or didn't (this was also before the 2018 floods, when incessant rains simply awakened the festive side in people of non-coastal regions, not fear). College students did not need a particular reason to 'party'. Yet, the pandemonium caused by one movie's release outperformed all. On May 29, director Alphonse Puthren returned with his sophomore venture, Premam, featuring Nivin Pauly and Sai Pallavi among others. Since Nivin and Alphonse had impressed with their previous film, Neram (2013), many were confident that this one would at least be decent. But few could have predicted what followed. Even now, in hindsight, it's hard to fully grasp the kind of bedlam Premam created, taking over colleges — with boys/men turning up donning black shirts, white mundu (dhoti) and shades on every occasion, copying Nivin — and becoming a trendsetter in Kerala, with a ripple effect that spread to other parts of the country too. As it turns 10 today and continues to enjoy a massive fan following, two questions still remain: What actually appealed to the audience? And how the hell did a movie marketed as 'the second film in the history of world cinema with nothing fresh' end up feeling fresh? Unlike Neram, Premam wasn't written in a non-linear format. The events unfolded more or less chronologically, with occasional flashbacks. However, it was far from a conventional screenplay. Adopting a style akin to elliptical storytelling and following an episodic structure, Alphonse narrated different stages in the life of George David (Nivin Pauly), focusing particularly on his romantic interests — one in each phase, with not all of them turning into full-fledged or lasting relationships — that shaped him. The screenplay offered something distinct and stood out even on paper. Instead of following the conventional style of showing the thank-you cards against a black screen and in silence, Alphonse cleverly inserted a calming visual of a butterfly fluttering around, searching for nectar from flowers. Given that nectaring is often used as a metaphor for finding love (with subtle sexual innuendos), this visual — with the camera also fluttering — immediately followed by the title Premam (Love), effectively set the stage for what was to come. With composer Rajesh Murugesan's sleek and catchy track 'Ithu Puthan Kalam', penned by Shabareesh Varma and sung by both of them, playing in the background, the audience could effortlessly slip into the world of the film. A post shared by Alphonse Puthren (@puthrenalphonse) By beginning the story in medias res, Alphonse also broke away from the typical template of Malayalam films in the coming-of-age and romance genres. Although the movie opens with a card stating, '1984: A baby boy, George, was born to David and Tresa,' it immediately cuts to a random point in his late teens. Interestingly, the narrative doesn't begin at the start of any particular event, not even when he first meets Mary (Anupama Parameswaran), his romantic interest of that era. By the time we are introduced to George, he has already fallen hard for her. Instead, Premam drops us into an ordinary day in 2000, when he is already busy writing her a love letter. Breaking the fourth wall, George looks directly at the audience and playfully mimics Mammootty as he says, 'My love for you is genuine, Mary.' In this very first scene itself, the writer-director not only establishes George's goofy and inattentive nature but also sets the tone for the rest of the film. Even as the movie progresses, Premam does not serve too many lovey-dovey moments. Instead, it adopts a slice-of-life tone and takes the audience on a fun journey with George and his two friends, Koya (Krishna Shankar) and Shambu (Shabareesh Varma), as he tries different methods to win Mary's heart. Unlike typical romance films, where measured, often poetic dialogues are delivered by characters in love, the lines spoken in Premam mostly sound unscripted and natural. With constant chatter filling the frame, Alphonse ensured the scenes felt lively and relatable. Interestingly, in this part of the movie, we mostly see close-to-mid shots, emphasising how small the world of these kids is and how their focus is limited to just a few things that bring them happiness. For George — and many late teens in that area — their only aim in life is to woo the local beauty, Mary. For Koya and Shambu, it's all about the three of them being together. By allowing the actors to follow their instincts with the dialogues, Alphonse ensured the scenes didn't appear artificial. Although many of the moments featured in this part of the film were fresh to mainstream Malayalam cinema, they were simply drawn straight from everyday life. A perfect example is the scene where Shambu receives a call from George just as he is about to attend to his physical needs after fetching an adult magazine, and is interrupted by a kid at his home who tries to snatch the magazine as he desperately tries to hide it while talking on the phone. Another major advantage the film enjoys here is that nearly all the jokes and one-liners, particularly the back-and-forth between Girirajan Kozhi (Sharaf U Dheen) and Jahangir (Althaf Salim), land effectively. Adding to all this is the inclusion of the track 'Aluva Puzhayude', which had already become a hit by then, featuring enticing visuals and an extremely adorable Nivin at the centre, ensuring the audiences are thoroughly hooked. But once the movie enters its next phase, set in 2005 when the central trio is in college, Premam hits top gear and drifts into a strikingly different territory. The once-cute George has now metamorphosed into a hypermasculine, fearless figure. Often seen in a shirt and mundu, flaunting his thick moustache and beard, and fully embracing the 'complete Malayali man' image, he crashes into the hearts of the audience by literally bursting a bomb cracker. Soon after this segment opens with an iconic dialogue from Rajamanikyam (2005), we see George, Koya and Shambu disrupting a college event, which leads to a group fight that they and their friends easily win. Set against the high-octane 'Kalippu' track and taking place on a ground soaked with muddy water, the scene not only gave the audience goosebumps but also impressed with the film's sharp tonal shift. By leaping suddenly from a feel-good atmosphere into another world — one that taps directly into the target audience's fondness for action sequences and their obsession with the 'complete Malayali man' — Alphonse masterfully crafted his own formula for commercial cinema. Although the industry has produced far too many movies set in colleges, Premam managed to stand out. By focusing on seemingly mundane moments and transforming them into engaging scenes, blending equal parts of comedy and hypermasculinity, the filmmaker offered a fresh view of campus life. Unlike most mainstream Malayalam campus films, where students engage in stock activities and everything revolves around the male protagonist, Alphonse showed that George's world remained small, with only a few close friends, while an expansive world existed outside it. This is exemplified brilliantly in how the film parallelly follows both George and Vimal (Vinay Forrt), a lecturer at the college, vying for the attention of the same woman, Malar (Sai Pallavi), who has joined as a guest lecturer. Once she enters the scene, Sai Pallavi joins Nivin in owning the film. With her extraordinary screen presence and stunning chemistry with him, they elevate the movie to a whole new level. Unlike the first phase, where everybody around knew George had an eye for Mary, the romance here unfolds away from the public eye, with only Koya and Shambu in the know. Even though George usually instils fear in others with his perpetually brooding expression, he transforms into a pookie around her, vying for her glances and attention. Although George's friends point out the differences between him and Malar, such as their age gap, language barrier (since she's Tamil), and the fact that he's her student, Premam avoids delving unnecessarily into these, even when such conflicts could have been convenient plot devices. Featuring only very ordinary moments that are elevated through clever staging and execution, Premam proved that filmmakers don't always need to follow conventional rules and that things can turn out beautifully when they trust their instincts and heart. Another major strength of the film lies in its exceptional music and thoughtful placement of songs. Rather than relying on them for quick narrative advancement, Alphonse uses them to emphasise emotions and enhance the film's mood. 'Malare', sung by Vijay Yesudas, one of the most celebrated Malayalam playback songs of the decade, not only illuminated George and Malar's hidden-in-plain-sight love but also highlighted the beauty of simplicity and restraint, something sorely missing from many films of that time. The addition of a perfectly choreographed number like 'Rockaankuthu' ensured the film offered a complete cinematic experience. This phase of Premam didn't just brim with romance, it also featured one of the most brilliant depictions of heartbreak in Malayalam cinema when George's brave face is stripped away and the hypermasculine image he had built crumbles as he bursts into tears, melting into the arms of his friends upon realising he's lost Malar forever. The way this scene was (re)created and performed by Naga Chaitanya in the Telugu remake, which was nothing short of amateurish, highlights the brilliance of Alphonse's direction and editing, and Nivin's performance. In its third and final phase, Premam presents a more mature George, who is no longer the angry young man he was in college. Now running a café in Kochi, he carries the pain of lost love but has moved on, blending his earlier fun personality with a more grown-up nature. Koya and Shambu remain his closest friends, and they still meet regularly. It is here that he meets Celine (Madonna Sebastian), who is related to Mary, and falls for her. However, by the time he confesses his feelings, her marriage has already been arranged. This leads to George's third heartbreak. The way Alphonse crafted George's character arc and emotional growth here is commendable. This is especially visible in the mature way George handles her initial rejection. Nonetheless, the two end up together eventually; third time's the charm. Premam was not without its flaws. From its celebration of ragging and hypermasculinity to its relegation of the women to mere love interests in George's story, the film had its share of issues. However, Alphonse's masterful use of the most mundane elements and experiences from ordinary life — elevated to extraordinary heights by an exceptionally brilliant Nivin Pauly and the incomparable Sai Pallavi, supported by a talented ensemble — fortified Premam as one of the most celebrated Malayalam films of the 2010s. The movie was not only a blockbuster success but also came close to surpassing Jeethu Joseph and Mohanlal's Drishyam (2013) at the box office. It might have taken the top spot of that era had its pirated version not leaked online. Nonetheless, Premam remains a benchmark in the careers of Nivin Pauly, Sai Pallavi and Alphonse Puthren, and in the landscape of Malayalam cinema itself. Cinema cannot exist in a vacuum; it's all about the discussions that follow. In the Cinema Anatomy column, we delve into the diverse layers and dimensions of films, aiming to uncover deeper meanings and foster continuous discourses. Anandu Suresh is a Senior sub-editor at Indian Express Online. He specialises in Malayalam cinema, but doesn't limit himself to it and explores various aspects of the art form. He also pens a column titled Cinema Anatomy, where he delves extensively into the diverse layers and dimensions of cinema, aiming to uncover deeper meanings and foster continuous discourse. Anandu previously worked with The New Indian Express' news desk in Hyderabad, Telangana. You can follow him on Twitter @anandu_suresh_ and write (or send movie recommendations) to him at ... Read More
Cision Canada
13-05-2025
- Business
- Cision Canada
Desjardins posts encouraging results, despite an uncertain economic situation Français
Financial results for the first quarter of 2025 LÉVIS, QC, May 13, 2025 /CNW/ - For the first quarter ended March 31, 2025, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $738 million, down $117 million compared to the same quarter of 2024. This decrease in surplus earnings was primarily due to the results of the Property and Casualty Insurance segment, which were affected by higher claims expenses, mainly resulting from increases in both the frequency and the average cost of claims. There was also an increase in the provision for credit losses, due in particular to unfavourable developments in the economic outlook stemming from the imposition of tariffs by the new U.S. administration. In addition, there was an increase in non-interest expense to support growth in operations and enhance the service offering to members and clients. The decline in surplus earnings was partially offset by higher net interest income, mainly as a result of business growth in the Personal and Business Services segment. For the first quarter of 2025, the provision for member dividends totalled $113 million, up $3 million from the corresponding period of 2024. Sponsorships, donations and scholarships amounted to $26 million, of which $13 million came from the caisses' Community Development Fund. "Despite economic uncertainty, Desjardins has posted solid financial results for the first quarter," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. " Forbes included Desjardins in its prestigious list of the World's Best Banks 2025, which is a sign that our proactive approach to supporting our members and clients is being noticed. What's more, I'm genuinely proud of our employees' sustained commitment to the members and businesses that have been hit the hardest by the tariffs." 125 years of ambition A bold and visionary idea was took shape in Lévis 125 years ago. Alphonse and Dorimène Desjardins laid the foundation for a unique cooperative movement with the goal of providing Francophones with the means to achieve their ambitions. Their goal was to build a more just society and enable everyone to achieve their potential. That is how Desjardins Group originated, and we continue to pursue this ambition while remaining true to the values of our founders. Today, Desjardins is a leader in socio-economic development, and the financial institution will be celebrating its 125th anniversary over the coming months under the theme "125 years of ambition." This will be an opportunity to highlight the ambition of some of its 7.8 million members and clients from all walks of life and across Canada and how Desjardins supports them. Doing what's best for members and clients Committed to providing support In light of the trade tensions with the United States, Desjardins is supporting its members and clients, in both Personal and Business Services. Desjardins teams remain fully mobilized to provide proactive support to those businesses most affected by tariffs, by contacting them directly to ensure they receive the support they need. Together with its economic team, Desjardins provides analysis and recommendations to help its members and clients find their way in this uncertain economic climate. Desjardins is in contact with various economic stakeholders to ensure that solutions are put forward and is helping its business members access them. To continue helping people better understand the economic environment, Jimmy Jean, Vice-President and Chief Economist at Desjardins Group, and Emna Braham, President and CEO of the Institut du Québec, presented the ir first economic web conference (in French only) of the year, on March 27. Among other things, the conference touched on the economic impacts of trade tensions with the U.S. and the impacts on consumers. High-performance products for members and clients Desjardins won the first Prix Mentorat en lumière (in French only), presented by Mentorat Québec. This award recognizes active mentoring programs that contribute to people's personal, professional and social development while supporting the growth of Québec organizations. Desjardins won n ine FundGrade A+® Awards in February, from Fundata Canada Inc. These awards are given to Canadian investment funds that have delivered the best risk-adjusted returns and maintained high FundGrade ratings over a full calendar year. The award-winning funds include one mutual fund, two responsible investment exchange-traded funds and six guaranteed investment funds. Forbes magazine has ranked Desjardins among the top 10 Canadian companies of its prestigious World's Best Banks 2025 ranking. This ranking lists financial institutions around the world that have succeeded in maintaining the trust of their clients and meeting their financial needs. Committed to communities Through the Goodspark Fund, Desjardins stimulates social and economic activity in communities. During the first quarter, Desjardins made a contribution to enable Patro Laval to expand in Québec (in French only) and confirmed support for Cycle Momentum, a clean technology consortium, promoting the " Lab-à-la-Start-up" project. Since 2017, the Goodspark Fund has supported 920 projects totalling $211 million in commitments. Through several initiatives, Desjardins helps promote better access to housing, an issue that is affecting all the regions of Québec, as housing costs account for an increasingly large share of household budgets. As part of a partnership with the Government of Québec, Desjardins has committed to supporting the construction of more than 1,750 affordable housing units by the end of 2025. As of March 31, 2025, eight projects totalling 1,190 units are open and operating and 11 projects totalling 772 units are under construction, particularly in the Bas-Saint-Laurent, Centre-du-Québec, Estrie, Laval, Montréal and Outaouais regions. Desjardins is also maintaining its commitment to work toward a more sustainable and inclusive economy through its initiatives to accelerate the energy transition and its range of responsible finance products and services. Financial highlights Comparison of first quarter 2025 with first quarter 2024: Surplus earnings before member dividends of $738 million, down $117 million. Total net revenue of $3,682 million, up $118 million or 3.3%: Net interest income of $1,967 million, up $234 million or 13.5%, due to growth in average residential mortgages and business loans outstanding. Insurance service result of $290 million, down $119 million, as a result of the increase in net claims expenses in the Property and Casualty Insurance segment. Net insurance finance result of $174 million, down $136 million, due in particular to developments in the financial markets. Other income of $1,251 million, up $139 million, mainly due to growth in assets under management and assets under administration. Provision for credit losses of $210 million, compared to $133 million for the comparable period in 2024. The provision for the first quarter of 2025 reflects, in particular, a migration in credit quality and unfavourable developments in the economic outlook related in particular to the imposition of tariffs by the new U.S. administration. Gross non-interest expense of $2,736 million, up $180 million or 7.0%, compared to the first quarter of 2024 due to increased spending on personnel, including wage indexation. There was also greater spending on technology to support growth in operations and enhance the service offering to members and clients. $139 million returned to members and the community, (1) up $2 million or 1.5%. Other highlights: Tier 1A capital ratio (1) of 22.4%, compared to 22.2% as at December 31, 2024. Total capital ratio (1) of 25.3%, compared to 24.2% as at December 31, 2024. Total assets grew 3.6% since December 31, 2024, to $487.9 billion as at March 31, 2025. Several securities issues were completed during the first quarter of 2025, including under the legislative covered bond program, the multi-currency medium-term note program, and the Canadian Non-Viability Contingent Capital (NVCC) program. All of these transactions made it possible to adequately meet the liquidity needs of Desjardins Group and to diversify its sources of financing. For further details, please refer to the Management's Discussion and Analysis for the first quarter of 2025, on page 41. In March 2025, Moody's affirmed the ratings for instruments issued by the Fédération des caisses Desjardins du Québec while maintaining their outlook as "stable". This assessment reflects the strength of Desjardins Group in Québec, where it has leading market shares in multiple industries. _____________________________________ (1) In accordance with the Capital Adequacy Guideline for financial services cooperatives issued by the Autorité des marchés financiers (AMF). Non-GAAP financial measures and other financial measures To measure its performance, Desjardins Group uses different Canadian generally accepted accounting principles (GAAP) (International Financial Reporting Standards (IFRS)) financial measures and various other financial measures, some of which are non-GAAP financial measures. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure (Regulation 52-112) provides guidance to issuers disclosing specified financial measures, including the following measures used by Desjardins Group: A non-GAAP financial measure; Supplementary financial measures. Non-GAAP financial measure The non-GAAP financial measure used by Desjardins Group in this press release, and which does not have a standardized definition, is not directly comparable to similar measures used by other companies, and may not be directly comparable to any GAAP measure. It is defined as follows: Return to members and the community As a cooperative financial group contributing to the development of communities, Desjardins Group gives its members and clients the support they need to be financially empowered. The amounts returned to members and the community, a non-GAAP financial measure, are used to present the overall amount returned to the community and are composed of member dividends, as well as sponsorships, donations and scholarships. More detailed information about the amounts returned to members and the community may be found in the "Financial Highlights" table on the following page. Supplementary financial measures In accordance with Regulation 52-112, supplementary financial measures are used to show historical or expected future financial performance, financial position or cash flows. In addition, these measures are not disclosed in the financial statements. Desjardins Group uses certain supplementary financial measures, and their composition is presented in the Glossary on pages 46 to 53 of the MD&A for the first quarter of 2025. FINANCIAL HIGHLIGHTS As at and for the (in millions of dollars and as a percentage) three-month periods ended March 31, 2025 December 31, 2024 (1) March 31, 2024 (1) Results Net interest income $ 1,967 $ 1,962 $ 1,733 Net insurance service income 464 882 719 Other income 1,251 1,114 1,112 Total net revenue 3,682 3,958 3,564 Provision for credit losses 210 272 133 Net non-interest expense 2,503 2,659 2,311 Surplus earnings before member dividends (2) $ 738 $ 826 $ 855 Contribution to surplus earnings by business segment (3) Personal and Business Services $ 399 $ 293 $ 384 Wealth Management and Life and Health Insurance 168 75 173 Property and Casualty Insurance 34 453 280 Other 137 5 18 $ 738 $ 826 $ 855 Returned to members and the community (4) Member dividends $ 113 $ 107 $ 110 Sponsorships, donations and scholarships (5) 26 36 27 $ 139 $ 143 $ 137 Indicators Return on equity (6) 7.8 % 8.2 % 9.8 % Credit loss provisioning rate (6) 0.28 0.38 0.21 Gross credit-impaired loans/gross loans (6) 0.83 0.81 0.80 Liquidity coverage ratio (7) 172 165 152 Net stable funding ratio (7) 131 129 125 Productivity index – Personal and Business Services (6) 70.4 73.1 70.8 Insurance and annuity premiums – Wealth Management and Life and Health Insurance (6) $ 1,688 $ 1,585 $ 1,772 Total contractual service margin (CSM) - Wealth Management and Life and Health Insurance (8) 2,578 2,585 2,630 Direct premiums written – Property and Casualty Insurance (6) 1,671 1,830 1,556 On-balance sheet and off-balance sheet Assets $ 487,946 $ 470,942 $ 435,819 Loans, net of allowance for credit losses 296,328 289,597 269,012 Deposits 309,379 300,946 281,189 Equity 39,371 38,690 35,169 Assets under administration (6) 614,643 600,968 549,580 Assets under management (6) 107,029 104,220 89,549 Capital measures Tier 1A capital ratio (9) 22.4 % 22.2 % 21.0 % Tier 1 capital ratio (9) 22.4 22.2 21.0 Total capital ratio (9) 25.3 24.2 22.0 TLAC ratio (10) 33.1 32.9 29.8 Leverage ratio (9) 7.6 7.6 7.4 TLAC leverage ratio (10) 11.0 11.2 10.4 Risk-weighted assets (9) $ 151,882 $ 149,621 $ 142,266 Other information Number of employees (full-time equivalent) 51,406 50,785 50,669 (1) Some data have been restated to conform with the current period's presentation. (2) The breakdown by line item is presented in the Statement of Income in the Interim Combined Financial Statements. (3) The breakdown by line item is presented in Note 11, "Segmented information" to the Interim Combined Financial Statements. (4) For more information on non-GAAP financial measures, see "Non-GAAP financial measures and other financial measures" on page 4. (5) Including $13 million from the caisses' Community Development Fund ($23 million for the fourth quarter of 2024 and $11 million for the first quarter of 2024). (6) For additional information on supplementary financial measures, see "Non-GAAP Financial Measures and Other Financial Measures" on page 4. (7) In accordance with the Liquidity Adequacy Guideline issued by the AMF. (8) Total CSM of $2,826 million ($2,844 million as at March 31, 2024) presented net of reinsurance for a total of $248 million ($214 million as at March 31, 2024). Included in the line items "Insurance contract liabilities" and "Reinsurance contract assets (liabilities)" on the Combined Balance Sheets. For more information, see Note 7, "Insurance and reinsurance contracts," to the Interim Combined Financial Statements. (9) In accordance with the Capital Adequacy Guideline for financial services cooperatives issued by the AMF. (10) In accordance with the Total Loss Absorbing Capacity Guideline ("TLAC Guideline") issued by the AMF and based on risk-weighted assets and exposures for purposes of the leverage ratio at the level of the resolution group, which is deemed to be Desjardins Group, excluding Caisse Desjardins Ontario Credit Union Inc. Strong capital base Desjardins Group maintains strong capitalization levels, in accordance with Basel III rules. As at March 31, 2025, its Tier 1A and total capital ratios stood at 22.4% and 25.3%, respectively, compared to 22.2% and 24.2%, respectively, as at December 31, 2024. Analysis of business segment results PERSONAL AND BUSINESS SERVICES SEGMENT Results for the first quarter For the first quarter of 2025, surplus earnings before member dividends were $399 million, up $15 million from the same period in 2024, mainly due to higher net interest income related to business growth, as well as other income. This increase in surplus earnings was offset by a higher provision for credit losses compared to the corresponding period in 2024. In addition, there was an increase in net non-interest expense to support growth in operations and enhance the services offered to members and clients. Results for the first quarter For the first quarter of 2025, the segment posted $168 million in net surplus earnings, down $5 million compared to the corresponding period of 2024, mainly due to a decrease in the net insurance finance result due to developments in the financial markets. This decrease was partly offset by the increase in the insurance service result stemming from a more favourable experience. PROPERTY AND CASUALTY INSURANCE SEGMENT Results for the first quarter For the first quarter of 2025, the segment posted $34 million in net surplus earnings, down $246 million, from the same period of 2024. This decrease was mainly due to higher claims expenses for the current year in automobile and property insurance, a lower net insurance finance result and the effect of the loss component on onerous contracts, which was more unfavourable than in the corresponding quarter of 2024. In addition, the first quarter of 2025 was marked by two major events, namely freezing rain in Ontario and water and wind damage in Québec and Ontario, whereas no catastrophes or major events occurred during the corresponding quarter of 2024. This decrease in surplus earnings was partly offset by higher insurance revenue due to premium growth in automobile and property insurance. OTHER CATEGORY Results for the first quarter For the first quarter of 2025, the Other category posted net surplus earnings of $137 million, compared to net surplus earnings of $18 million in the first quarter of 2024. The Other category includes mainly treasury activities. More detailed financial information can be found in Desjardins Group's interim Management's Discussion and Analysis (MD&A) for the first quarter of 2025, available on the Desjardins website or on the SEDAR+ website, at (under the Fédération des caisses Desjardins du Québec profile). About Desjardins Group Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $487.9 billion as at March 31, 2025. It has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. It has also been recognized as one of the World's Best Banks 2025 by Forbes. The organization has more than 56,100 skilled employees. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry. In 2025, Desjardins Group is celebrating its 125th anniversary, marking more than a century of focusing its ambitions and expertise on being there for members and clients. Caution concerning forward-looking statements Desjardins Group's public communications often include oral or written forward-looking statements, within the meaning of applicable securities legislation, particularly in Québec, Canada and the United States. This press release contains forward-looking statements that may be incorporated in other filings with Canadian regulators or in any other communications. In addition, Desjardins Group's representatives may make verbal forward-looking statements to investors, the media and others. The forward-looking statements include, but are not limited to, comments on Desjardins Group's objectives regarding financial performance, priorities, vision, operations, targets and commitments, its strategies to achieve them, its results and its financial position, economic as well as financial market conditions, the outlook for the Québec, Canadian, U.S. and global economies, and the regulatory environment in which we operate. Such forward-looking statements are typically identified by words or phrases such as "target," "objective," "timing," "outlook," "believe," "predict," "foresee," "expect," "intend," "have as a goal," "estimate," "plan," "forecast," "anticipate," "aim," "propose," "should" and "may," words and expressions of similar import, and future and conditional verbs, in all grammatical variants. By their very nature, such statements require us to make assumptions, and are subject to uncertainties and inherent risks, both general and specific. Desjardins Group cautions readers against placing undue reliance on forward-looking statements when making decisions since a number of factors, many of which are beyond Desjardins Group's control and the effects of which can be difficult to predict, could influence, individually or collectively, the accuracy of the assumptions, predictions, forecasts or other forward-looking statements, including those in this press release. Although Desjardins Group believes that the expectations expressed in these forward-looking statements are reasonable and founded on valid bases, it cannot guarantee that these expectations will materialize or prove to be accurate. It is also possible that these assumptions, predictions, forecasts or other forward-looking statements, as well as Desjardins Group's objectives and priorities, may not materialize or may prove to be inaccurate, and that actual future results, conditions, actions or events may differ materially from targets, expectations, estimates or intentions that have been explicitly or implicitly put forward. Readers who rely on these forward-looking statements must carefully consider these risk factors and other uncertainties and potential events, including the uncertainty inherent in forward-looking statements. The factors that may affect the accuracy of the forward-looking statements in this press release include those discussed in the "Risk management" section of Desjardins Group's 2024 annual MD&A and of its MD&A for the first quarter of 2025, and include credit, market, liquidity, operational, insurance, strategic and reputation risk, environmental, social and governance risk, and regulatory risk. Such factors also include those related to security (including cybersecurity) breaches, fraud risk, the housing market and household and corporate indebtedness, technological and regulatory developments, including changes to liquidity and capital adequacy guidelines, and requirements relating to their presentation and interpretation, as well as interest rate fluctuations, inflation, climate change, geopolitical uncertainty, artificial intelligence, data risk, a trade dispute with the United States, and the impact that tariffs imposed on certain Canadian exported goods, as well as any resulting retaliatory tariffs, could notably have on goods and services, businesses in certain industries, and the Canadian economy. Furthermore, there are factors related to general economic and business conditions in regions in which Desjardins Group operates; monetary policies; the critical accounting estimates and accounting standards applied by Desjardins Group; new products and services to maintain or increase Desjardins Group's market share; geographic concentration; changes in the credit ratings assigned to Desjardins Group; reliance on third parties; the ability to recruit and retain talent; and tax risk. Other factors include unexpected changes in consumer spending and saving habits, the potential impact of international conflicts on operations, public health crises, such as pandemics and epidemics, or any other similar events affecting the local, national or global economy, as well as Desjardins Group's ability to anticipate and properly manage the risks associated with these factors despite a disciplined risk management environment. Additional information about these factors is found in the "Risk management" section of Desjardins Group's 2024 Annual Report and of its MD&A for the first quarter of 2025. It is important to note that the above list of factors that could influence future results is not exhaustive. Other factors could have an effect on Desjardins Group's results. Additional information about these and other factors is found in the "Risk management" section of Desjardins Group's 2024 Annual MD&A and of its MD&A for the first quarter of 2025. The significant economic assumptions underlying the forward-looking statements in this document are described in the "Economic environment and outlook" section of Desjardins Group's 2024 MD&A and of its MD&A for the first quarter of 2025 and can be updated in the interim MD&As subsequently filed. Readers are cautioned to consider the foregoing factors when reading this section. To determine economic growth forecasts in general, and for the financial services sector in particular, Desjardins Group mainly uses historical economic data provided by recognized and reliable organizations, empirical and theoretical relationships between economic and financial variables, expert judgments, and identified upside and downside risks for the domestic and global economies. In light of the changing circumstances of the U.S. trade dispute and the resulting impact on the Canadian economy, financial market conditions, commercial operations, and Desjardins Group's financial results and financial position, there is greater uncertainty about our economic assumptions than in previous periods, as these assumptions are based on uncertain future developments and it is difficult to predict how significant the long-term impact of U.S. tariffs will be. Any forward-looking statements contained in this press release represent the views of management only as at the date hereof, and are presented for the purpose of assisting readers in understanding and interpreting Desjardins Group's financial position as at the dates indicated or its results for the periods then ended, as well as its strategic priorities and objectives as considered as at the date hereof. These forward-looking statements may not be appropriate for other purposes. Desjardins Group does not undertake to update any oral or written forward-looking statements that could be made from time to time by or on behalf of Desjardins Group, except as required under applicable securities legislation. Basis of presentation of financial information The financial information in this document comes primarily from the Annual and Interim Combined Financial Statements. Those statements have been prepared by Desjardins Group's management in accordance with IFRS issued by the International Accounting Standards Board (IASB) and the accounting requirements of the AMF, which do not differ from IFRS. IFRS represent Canada's GAAP. The Interim Combined Financial Statements of Desjardins Group have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting." All the accounting policies were applied as described in Note 2, "Accounting policies," to the Annual Combined Financial Statements. This press release has been prepared in accordance with the current regulations of the Canadian Securities Administrators (CSA) on continuous disclosure obligations. Unless otherwise indicated, all amounts are presented in Canadian dollars ($) and are primarily from Desjardins Group's annual and interim combined financial statements.
Yahoo
13-05-2025
- Business
- Yahoo
Desjardins posts encouraging results, despite an uncertain economic situation
Financial results for the first quarter of 2025 LÉVIS, QC, May 13, 2025 /CNW/ - For the first quarter ended March 31, 2025, Desjardins Group, North America's largest financial cooperative group, recorded surplus earnings before member dividends of $738 million, down $117 million compared to the same quarter of 2024. This decrease in surplus earnings was primarily due to the results of the Property and Casualty Insurance segment, which were affected by higher claims expenses, mainly resulting from increases in both the frequency and the average cost of claims. There was also an increase in the provision for credit losses, due in particular to unfavourable developments in the economic outlook stemming from the imposition of tariffs by the new U.S. administration. In addition, there was an increase in non-interest expense to support growth in operations and enhance the service offering to members and clients. The decline in surplus earnings was partially offset by higher net interest income, mainly as a result of business growth in the Personal and Business Services segment. For the first quarter of 2025, the provision for member dividends totalled $113 million, up $3 million from the corresponding period of 2024. Sponsorships, donations and scholarships amounted to $26 million, of which $13 million came from the caisses' Community Development Fund. "Despite economic uncertainty, Desjardins has posted solid financial results for the first quarter," said Guy Cormier, President and Chief Executive Officer of Desjardins Group. "Forbes included Desjardins in its prestigious list of the World's Best Banks 2025, which is a sign that our proactive approach to supporting our members and clients is being noticed. What's more, I'm genuinely proud of our employees' sustained commitment to the members and businesses that have been hit the hardest by the tariffs." 125 years of ambition A bold and visionary idea was took shape in Lévis 125 years ago. Alphonse and Dorimène Desjardins laid the foundation for a unique cooperative movement with the goal of providing Francophones with the means to achieve their ambitions. Their goal was to build a more just society and enable everyone to achieve their potential. That is how Desjardins Group originated, and we continue to pursue this ambition while remaining true to the values of our founders. Today, Desjardins is a leader in socio-economic development, and the financial institution will be celebrating its 125th anniversary over the coming months under the theme "125 years of ambition." This will be an opportunity to highlight the ambition of some of its 7.8 million members and clients from all walks of life and across Canada and how Desjardins supports them. Doing what's best for members and clients Committed to providing support In light of the trade tensions with the United States, Desjardins is supporting its members and clients, in both Personal and Business Services. Desjardins teams remain fully mobilized to provide proactive support to those businesses most affected by tariffs, by contacting them directly to ensure they receive the support they need. Together with its economic team, Desjardins provides analysis and recommendations to help its members and clients find their way in this uncertain economic climate. Desjardins is in contact with various economic stakeholders to ensure that solutions are put forward and is helping its business members access them. To continue helping people better understand the economic environment, Jimmy Jean, Vice-President and Chief Economist at Desjardins Group, and Emna Braham, President and CEO of the Institut du Québec, presented their first economic web conference (in French only) of the year, on March 27. Among other things, the conference touched on the economic impacts of trade tensions with the U.S. and the impacts on consumers. High-performance products for members and clients Desjardins won the first Prix Mentorat en lumière (in French only), presented by Mentorat Québec. This award recognizes active mentoring programs that contribute to people's personal, professional and social development while supporting the growth of Québec organizations. Desjardins won nine FundGrade A+® Awards in February, from Fundata Canada Inc. These awards are given to Canadian investment funds that have delivered the best risk-adjusted returns and maintained high FundGrade ratings over a full calendar year. The award-winning funds include one mutual fund, two responsible investment exchange-traded funds and six guaranteed investment funds. Forbes magazine has ranked Desjardins among the top 10 Canadian companies of its prestigious World's Best Banks 2025 ranking. This ranking lists financial institutions around the world that have succeeded in maintaining the trust of their clients and meeting their financial needs. Committed to communities Through the Goodspark Fund, Desjardins stimulates social and economic activity in communities. During the first quarter, Desjardins made a contribution to enable Patro Laval to expand in Québec (in French only) and confirmed support for Cycle Momentum, a clean technology consortium, promoting the "Lab-à-la-Start-up" project. Since 2017, the Goodspark Fund has supported 920 projects totalling $211 million in commitments. Through several initiatives, Desjardins helps promote better access to housing, an issue that is affecting all the regions of Québec, as housing costs account for an increasingly large share of household budgets. As part of a partnership with the Government of Québec, Desjardins has committed to supporting the construction of more than 1,750 affordable housing units by the end of 2025. As of March 31, 2025, eight projects totalling 1,190 units are open and operating and 11 projects totalling 772 units are under construction, particularly in the Bas-Saint-Laurent, Centre-du-Québec, Estrie, Laval, Montréal and Outaouais regions. Desjardins is also maintaining its commitment to work toward a more sustainable and inclusive economy through its initiatives to accelerate the energy transition and its range of responsible finance products and services. Financial highlights Comparison of first quarter 2025 with first quarter 2024: Surplus earnings before member dividends of $738 million, down $117 million. Total net revenue of $3,682 million, up $118 million or 3.3%: Net interest income of $1,967 million, up $234 million or 13.5%, due to growth in average residential mortgages and business loans outstanding. Insurance service result of $290 million, down $119 million, as a result of the increase in net claims expenses in the Property and Casualty Insurance segment. Net insurance finance result of $174 million, down $136 million, due in particular to developments in the financial markets. Other income of $1,251 million, up $139 million, mainly due to growth in assets under management and assets under administration. Provision for credit losses of $210 million, compared to $133 million for the comparable period in 2024. The provision for the first quarter of 2025 reflects, in particular, a migration in credit quality and unfavourable developments in the economic outlook related in particular to the imposition of tariffs by the new U.S. administration. Gross non-interest expense of $2,736 million, up $180 million or 7.0%, compared to the first quarter of 2024 due to increased spending on personnel, including wage indexation. There was also greater spending on technology to support growth in operations and enhance the service offering to members and clients. $139 million returned to members and the community,(1) up $2 million or 1.5%. ___________________________________ (1) For additional information on supplementary financial measures, see "Non-GAAP Financial Measures and Other Financial Measures" on page 4. Other highlights: Tier 1A capital ratio(1) of 22.4%, compared to 22.2% as at December 31, 2024. Total capital ratio(1) of 25.3%, compared to 24.2% as at December 31, 2024. Total assets grew 3.6% since December 31, 2024, to $487.9 billion as at March 31, 2025. Several securities issues were completed during the first quarter of 2025, including under the legislative covered bond program, the multi-currency medium-term note program, and the Canadian Non-Viability Contingent Capital (NVCC) program. All of these transactions made it possible to adequately meet the liquidity needs of Desjardins Group and to diversify its sources of financing. For further details, please refer to the Management's Discussion and Analysis for the first quarter of 2025, on page 41. In March 2025, Moody's affirmed the ratings for instruments issued by the Fédération des caisses Desjardins du Québec while maintaining their outlook as "stable". This assessment reflects the strength of Desjardins Group in Québec, where it has leading market shares in multiple industries. _____________________________________ (1) In accordance with the Capital Adequacy Guideline for financial services cooperatives issued by the Autorité des marchés financiers (AMF). Non-GAAP financial measures and other financial measures To measure its performance, Desjardins Group uses different Canadian generally accepted accounting principles (GAAP) (International Financial Reporting Standards (IFRS)) financial measures and various other financial measures, some of which are non-GAAP financial measures. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure (Regulation 52-112) provides guidance to issuers disclosing specified financial measures, including the following measures used by Desjardins Group: A non-GAAP financial measure; Supplementary financial measures. Non-GAAP financial measure The non-GAAP financial measure used by Desjardins Group in this press release, and which does not have a standardized definition, is not directly comparable to similar measures used by other companies, and may not be directly comparable to any GAAP measure. It is defined as follows: Return to members and the community As a cooperative financial group contributing to the development of communities, Desjardins Group gives its members and clients the support they need to be financially empowered. The amounts returned to members and the community, a non-GAAP financial measure, are used to present the overall amount returned to the community and are composed of member dividends, as well as sponsorships, donations and scholarships. More detailed information about the amounts returned to members and the community may be found in the "Financial Highlights" table on the following page. Supplementary financial measures In accordance with Regulation 52-112, supplementary financial measures are used to show historical or expected future financial performance, financial position or cash flows. In addition, these measures are not disclosed in the financial statements. Desjardins Group uses certain supplementary financial measures, and their composition is presented in the Glossary on pages 46 to 53 of the MD&A for the first quarter of 2025. FINANCIAL HIGHLIGHTSAs at and for the (in millions of dollars and as a percentage)three-month periods endedMarch 31,2025 December 31, 2024(1) March 31, 2024(1) Results Net interest income $ 1,967 $ 1,962 $ 1,733 Net insurance service income464882719 Other income1,2511,1141,112 Total net revenue3,6823,9583,564 Provision for credit losses210272133 Net non-interest expense2,5032,6592,311 Surplus earnings before member dividends(2) $ 738 $ 826 $ 855 Contribution to surplus earnings by business segment(3)Personal and Business Services $ 399 $ 293 $ 384Wealth Management and Life and Health Insurance16875173Property and Casualty Insurance34453280Other137518$ 738 $ 826 $ 855 Returned to members and the community(4)Member dividends $ 113 $ 107 $ 110Sponsorships, donations and scholarships(5)263627$ 139 $ 143 $ 137 IndicatorsReturn on equity(6)7.8 %8.2 %9.8 %Credit loss provisioning rate(6)0.280.380.21Gross credit-impaired loans/gross loans(6)0.830.810.80Liquidity coverage ratio(7)172165152Net stable funding ratio(7)131129125Productivity index – Personal and Business Services(6)70.473.170.8Insurance and annuity premiums – Wealth Management and Life and Health Insurance(6) $ 1,688 $ 1,585 $ 1,772Total contractual service margin (CSM) - Wealth Management and Life and Health Insurance(8)2,5782,5852,630Direct premiums written – Property and Casualty Insurance(6)1,6711,8301,556 On-balance sheet and off-balance sheetAssets $ 487,946 $ 470,942 $ 435,819Loans, net of allowance for credit losses296,328289,597269,012Deposits309,379300,946281,189Equity39,37138,69035,169Assets under administration(6)614,643600,968549,580Assets under management(6)107,029104,22089,549 Capital measuresTier 1A capital ratio(9)22.4 %22.2 %21.0 %Tier 1 capital ratio(9)22.422.221.0Total capital ratio(9)25.324.222.0TLAC ratio(10)33.132.929.8Leverage ratio(9)7.67.67.4TLAC leverage ratio(10)11.011.210.4Risk-weighted assets(9) $ 151,882 $ 149,621 $ 142,266 Other informationNumber of employees (full-time equivalent)51,40650,78550,669(1) Some data have been restated to conform with the current period's presentation. (2) The breakdown by line item is presented in the Statement of Income in the Interim Combined Financial Statements. (3) The breakdown by line item is presented in Note 11, "Segmented information" to the Interim Combined Financial Statements. (4) For more information on non-GAAP financial measures, see "Non-GAAP financial measures and other financial measures" on page 4. (5) Including $13 million from the caisses' Community Development Fund ($23 million for the fourth quarter of 2024 and $11 million for the first quarter of 2024). (6) For additional information on supplementary financial measures, see "Non-GAAP Financial Measures and Other Financial Measures" on page 4. (7) In accordance with the Liquidity Adequacy Guideline issued by the AMF. (8) Total CSM of $2,826 million ($2,844 million as at March 31, 2024) presented net of reinsurance for a total of $248 million ($214 million as at March 31, 2024). Included in the line items "Insurance contract liabilities" and "Reinsurance contract assets (liabilities)" on the Combined Balance Sheets. For more information, see Note 7, "Insurance and reinsurance contracts," to the Interim Combined Financial Statements. (9) In accordance with the Capital Adequacy Guideline for financial services cooperatives issued by the AMF. (10) In accordance with the Total Loss Absorbing Capacity Guideline ("TLAC Guideline") issued by the AMF and based on risk-weighted assets and exposures for purposes of the leverage ratio at the level of the resolution group, which is deemed to be Desjardins Group, excluding Caisse Desjardins Ontario Credit Union Inc. Strong capital base Desjardins Group maintains strong capitalization levels, in accordance with Basel III rules. As at March 31, 2025, its Tier 1A and total capital ratios stood at 22.4% and 25.3%, respectively, compared to 22.2% and 24.2%, respectively, as at December 31, 2024. Analysis of business segment results PERSONAL AND BUSINESS SERVICES SEGMENT Results for the first quarter For the first quarter of 2025, surplus earnings before member dividends were $399 million, up $15 million from the same period in 2024, mainly due to higher net interest income related to business growth, as well as other income. This increase in surplus earnings was offset by a higher provision for credit losses compared to the corresponding period in 2024. In addition, there was an increase in net non-interest expense to support growth in operations and enhance the services offered to members and clients. WEALTH MANAGEMENT AND LIFE AND HEALTH INSURANCE SEGMENT Results for the first quarter For the first quarter of 2025, the segment posted $168 million in net surplus earnings, down $5 million compared to the corresponding period of 2024, mainly due to a decrease in the net insurance finance result due to developments in the financial markets. This decrease was partly offset by the increase in the insurance service result stemming from a more favourable experience. PROPERTY AND CASUALTY INSURANCE SEGMENT Results for the first quarter For the first quarter of 2025, the segment posted $34 million in net surplus earnings, down $246 million, from the same period of 2024. This decrease was mainly due to higher claims expenses for the current year in automobile and property insurance, a lower net insurance finance result and the effect of the loss component on onerous contracts, which was more unfavourable than in the corresponding quarter of 2024. In addition, the first quarter of 2025 was marked by two major events, namely freezing rain in Ontario and water and wind damage in Québec and Ontario, whereas no catastrophes or major events occurred during the corresponding quarter of 2024. This decrease in surplus earnings was partly offset by higher insurance revenue due to premium growth in automobile and property insurance. OTHER CATEGORY Results for the first quarter For the first quarter of 2025, the Other category posted net surplus earnings of $137 million, compared to net surplus earnings of $18 million in the first quarter of 2024. The Other category includes mainly treasury activities. More detailed financial information can be found in Desjardins Group's interim Management's Discussion and Analysis (MD&A) for the first quarter of 2025, available on the Desjardins website or on the SEDAR+ website, at (under the Fédération des caisses Desjardins du Québec profile). About Desjardins Group Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $487.9 billion as at March 31, 2025. It has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. It has also been recognized as one of the World's Best Banks 2025 by Forbes. The organization has more than 56,100 skilled employees. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry. In 2025, Desjardins Group is celebrating its 125th anniversary, marking more than a century of focusing its ambitions and expertise on being there for members and clients. Caution concerning forward-looking statements Desjardins Group's public communications often include oral or written forward-looking statements, within the meaning of applicable securities legislation, particularly in Québec, Canada and the United States. This press release contains forward-looking statements that may be incorporated in other filings with Canadian regulators or in any other communications. In addition, Desjardins Group's representatives may make verbal forward-looking statements to investors, the media and others. The forward-looking statements include, but are not limited to, comments on Desjardins Group's objectives regarding financial performance, priorities, vision, operations, targets and commitments, its strategies to achieve them, its results and its financial position, economic as well as financial market conditions, the outlook for the Québec, Canadian, U.S. and global economies, and the regulatory environment in which we operate. Such forward-looking statements are typically identified by words or phrases such as "target," "objective," "timing," "outlook," "believe," "predict," "foresee," "expect," "intend," "have as a goal," "estimate," "plan," "forecast," "anticipate," "aim," "propose," "should" and "may," words and expressions of similar import, and future and conditional verbs, in all grammatical variants. By their very nature, such statements require us to make assumptions, and are subject to uncertainties and inherent risks, both general and specific. Desjardins Group cautions readers against placing undue reliance on forward-looking statements when making decisions since a number of factors, many of which are beyond Desjardins Group's control and the effects of which can be difficult to predict, could influence, individually or collectively, the accuracy of the assumptions, predictions, forecasts or other forward-looking statements, including those in this press release. Although Desjardins Group believes that the expectations expressed in these forward-looking statements are reasonable and founded on valid bases, it cannot guarantee that these expectations will materialize or prove to be accurate. It is also possible that these assumptions, predictions, forecasts or other forward-looking statements, as well as Desjardins Group's objectives and priorities, may not materialize or may prove to be inaccurate, and that actual future results, conditions, actions or events may differ materially from targets, expectations, estimates or intentions that have been explicitly or implicitly put forward. Readers who rely on these forward-looking statements must carefully consider these risk factors and other uncertainties and potential events, including the uncertainty inherent in forward-looking statements. The factors that may affect the accuracy of the forward-looking statements in this press release include those discussed in the "Risk management" section of Desjardins Group's 2024 annual MD&A and of its MD&A for the first quarter of 2025, and include credit, market, liquidity, operational, insurance, strategic and reputation risk, environmental, social and governance risk, and regulatory risk. Such factors also include those related to security (including cybersecurity) breaches, fraud risk, the housing market and household and corporate indebtedness, technological and regulatory developments, including changes to liquidity and capital adequacy guidelines, and requirements relating to their presentation and interpretation, as well as interest rate fluctuations, inflation, climate change, geopolitical uncertainty, artificial intelligence, data risk, a trade dispute with the United States, and the impact that tariffs imposed on certain Canadian exported goods, as well as any resulting retaliatory tariffs, could notably have on goods and services, businesses in certain industries, and the Canadian economy. Furthermore, there are factors related to general economic and business conditions in regions in which Desjardins Group operates; monetary policies; the critical accounting estimates and accounting standards applied by Desjardins Group; new products and services to maintain or increase Desjardins Group's market share; geographic concentration; changes in the credit ratings assigned to Desjardins Group; reliance on third parties; the ability to recruit and retain talent; and tax risk. Other factors include unexpected changes in consumer spending and saving habits, the potential impact of international conflicts on operations, public health crises, such as pandemics and epidemics, or any other similar events affecting the local, national or global economy, as well as Desjardins Group's ability to anticipate and properly manage the risks associated with these factors despite a disciplined risk management environment. Additional information about these factors is found in the "Risk management" section of Desjardins Group's 2024 Annual Report and of its MD&A for the first quarter of 2025. It is important to note that the above list of factors that could influence future results is not exhaustive. Other factors could have an effect on Desjardins Group's results. Additional information about these and other factors is found in the "Risk management" section of Desjardins Group's 2024 Annual MD&A and of its MD&A for the first quarter of 2025. The significant economic assumptions underlying the forward-looking statements in this document are described in the "Economic environment and outlook" section of Desjardins Group's 2024 MD&A and of its MD&A for the first quarter of 2025 and can be updated in the interim MD&As subsequently filed. Readers are cautioned to consider the foregoing factors when reading this section. To determine economic growth forecasts in general, and for the financial services sector in particular, Desjardins Group mainly uses historical economic data provided by recognized and reliable organizations, empirical and theoretical relationships between economic and financial variables, expert judgments, and identified upside and downside risks for the domestic and global economies. In light of the changing circumstances of the U.S. trade dispute and the resulting impact on the Canadian economy, financial market conditions, commercial operations, and Desjardins Group's financial results and financial position, there is greater uncertainty about our economic assumptions than in previous periods, as these assumptions are based on uncertain future developments and it is difficult to predict how significant the long-term impact of U.S. tariffs will be. Any forward-looking statements contained in this press release represent the views of management only as at the date hereof, and are presented for the purpose of assisting readers in understanding and interpreting Desjardins Group's financial position as at the dates indicated or its results for the periods then ended, as well as its strategic priorities and objectives as considered as at the date hereof. These forward-looking statements may not be appropriate for other purposes. Desjardins Group does not undertake to update any oral or written forward-looking statements that could be made from time to time by or on behalf of Desjardins Group, except as required under applicable securities legislation. Basis of presentation of financial information The financial information in this document comes primarily from the Annual and Interim Combined Financial Statements. Those statements have been prepared by Desjardins Group's management in accordance with IFRS issued by the International Accounting Standards Board (IASB) and the accounting requirements of the AMF, which do not differ from IFRS. IFRS represent Canada's GAAP. The Interim Combined Financial Statements of Desjardins Group have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting." All the accounting policies were applied as described in Note 2, "Accounting policies," to the Annual Combined Financial Statements. This press release has been prepared in accordance with the current regulations of the Canadian Securities Administrators (CSA) on continuous disclosure obligations. Unless otherwise indicated, all amounts are presented in Canadian dollars ($) and are primarily from Desjardins Group's annual and interim combined financial statements. SOURCE Desjardins Group View original content to download multimedia:
Geek Girl Authority
10-05-2025
- Entertainment
- Geek Girl Authority
Saturday Morning Webtoons: FULLMETAL ALCHEMIST and LOCKE AND KEY
Good morning, fellow WEBTOON readers, and welcome to this week's installment of Saturday Morning Webtoons! This is where we shine a light on two WEBTOONs we are thoroughly enjoying. These stories have captivated us chapter after chapter each week, and we couldn't pass up sharing them with you! So grab your favorite snacks and an electronic device and settle into these sensational stories. DISCLAIMER: The following posts may contain spoilers for the WEBTOON series Fullmetal Alchemist and Locke and Key. RELATED: Action-Packed Anime Picks for Beginners Fullmetal Alchemist Yes, you read that title right. Hiromu Arakawa's Fullmetal Alchemist has made its way to WEBTOON. The sci-fi-fantasy-action series follows brothers Ed and Alphonse as they deal with the repercussions of committing alchemy's ultimate taboo. The two quickly find themselves in a web of lies, deceit and mystery as they continue further on their journey to recover what they have lost. But is it worth it? Fullmetal Alchemist was a staple in our childhood. From the manga to both animated series, we have fallen in love with it repeatedly. It combines everything we love in a story, like a vast array of characters with incredible backstories, a large amount of world building, mystery, suspense and action. We are excited that a new group of fans will be able to enjoy this story and Ed's incredible temper. Fullmetal Alchemist updates every Thursday. Readers can find it on the official WEBTOON page. RELATED: Catch all of our Locke & Key recaps here! Locke and Key Our second series is another WEBTOON adaptation, this time from Joe Hill and Gabriel Rodriguez. Locke and Key is a fantasy-suspense series that follows siblings who unlock a magical world after moving to the mysterious Keyhouse after their father's death. It's a mix of magical fantasy, suspense, and, at times, horror as the siblings try to survive a malicious presence looming within the house's dark corners. This isn't our first time reading Locke and Key, but you can believe that we are just as excited. The series fits into the dark fantasy genre, focusing on creating suspense through the known and unknown. The first chapter is quite a doozy, but it sets the tone for what one can expect throughout the series. It pulls no punches, and the mature rating isn't just for show. We highly suggest diving into the graphic novel for those who enjoyed the Netflix series. It doesn't disappoint. Locke and Key updates every Wednesday. Readers can find it on the official WEBTOON page.
Yahoo
28-01-2025
- Politics
- Yahoo
Chief who transformed Indigenous land claims in B.C. will not run for re-election
The chief who oversaw the transformation of Indigenous land claims in B.C. has announced he won't be running for re-election. Joe Alphonse has served as head of the Tl'etinqox Government for 16 years and has been tribal chair of the Tŝilhqot'in National Government for nearly as long. The Tsilhqot'in represents six First Nations communities in the B.C. Cariboo region and was the first group to win recognition of its claim to a specific area of land through Canada's highest court, in what is commonly known as the Tsilhqotʼin decision. The landmark 2014 ruling granted the nation claim to over 440,000 hectares of land in the B.C. Interior and is regarded as a milestone in recognizing Indigenous rights across Canada. In the years since, Alphonse has played a key role in developing the economy of his nation. He also oversaw the exoneration of six Tŝilhqot'in chiefs who were hanged in 1864 when they were called to what they believed to be peace talks to end what became known as the Chilctotin War but were instead accused of, and killed for, murder. Alphonse himself is a direct descendent of the Grand Chief who led the Tŝilhqot'in during that time, according to the Tŝilhqot'in National Government In a statement posted to Facebook, Alphonse says he is stepping away from politics in order to prioritize his personal health, calling the last 16 years "wonderful, but sometimes turbulent." "It has been a difficult decision to step away, and I hope the community can keep moving forward and build upon what I have established," the statement says. Alphonse was appointed to the Order of British Columbia in 2021 and, in 2022, received an Honorary Doctor of Laws from the University of Victoria. An election for the Tl'etinqox Government is scheduled for March 8.
