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ANNUAL REPORT 2020
Caisse Desjardins deVaudreuil-Soulanges
Head office100, boul. Don-QuichotteL'Île-Perrot (Québec) J7V 6L7450 455-7907
CAISSE DESJARDINS DE VAUDREUIL-SOULANGES
Note to readers
This annual report provides an overview of Caisse Desjardins de Vaudreuil-Soulanges's key financial data as atDecember 31, 2020.
This document complies with the reporting requirements of the Act respecting financial services cooperatives and theAutorité des marchés financiers and was approved by the caisse board of directors.
Pauline Thauvette Leroux, ChairCharles Huneault, Secretary
About Caisse Desjardins de Vaudreuil-Soulanges:
56,947 members
$279,265 given back through our CommunityDevelopment Fund
A dynamic team of managers and employees under thegeneral management of Gilles Brassard
Dedicated directors
Pauline Thauvette Leroux Chair
Hélène Therrien First Vice-Chair
François Paquin Second Vice-Chair
Charles Huneault Secretary
Nathalie Brière Director
Josée Charette Director
André Gendron Director
Steven Grenier Director
Elaine Lefebvre Director
Benoit Levesque Director
Patrick Madore Director
Mihaela Minciunescu Director
Isabelle Poirier Director
Chantal Quesnel Director
Marie-Jacinthe Roberge Director
Desjardins Group highlights
Surplus earnings before member dividendsdown $179 million compared to 2019, for atotal of $2,419 million, including:
$1,314 million from Personal and BusinessServices
$609 million from Wealth Management andLife and Health Insurance
$622 million from Property and CasualtyInsurance
Provision for credit losses up $498 millioncompared to 2019, mainly due to thesignificant deterioration in the economicoutlook and the anticipated effects on creditquality as a result of the COVID-19 pandemic
$211.7 billion in outstanding loans andacceptances (+4.1%)
$77.5 billion in assets under management(+14.7%)
8.4% return on equity, compared to 8.9% in2019
Total assets grew by 15.7% in 2020 to reach$362 billion
Operating income of $18,399 million, up 2.7%compared to 2019
$445 million given back to members and thecommunity
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CAISSE DESJARDINS DE VAUDREUIL-SOULANGES
Caisse Financials
Assets of $2,189,914K, up 7,6%
Liabilities of $1,979,997K, an increase of 7,2%
Equity of $209,917K, up 11,4%
Capital stock: $1,434K
Distributable surplus earnings: $15,077K
Accumulated other comprehensiveincome: $3,203K
Reserves: $190,203K
Stabilization reserve: $2,481K
Reserve for future memberdividends: $12,644K
Community Development Fund: $1,305K
Operating surplus earnings of $18,308K, up 10,5%
Interest income totalling $56,217K, a decreaseof 7,0%
Interest expenses of $16,634K, down 32,5%
Other income totalling $13,535K, down 2,7%
Non-interest expenses of $31,797K, a decreaseof 2,2%
All loans to restricted parties* were granted inAll loans to restricted parties* were granted in
accordance with the caisse's applicable rules ofaccordance with the caisse's applicable rules of
professional conduct. Loans granted to restrictedprofessional conduct. Loans granted to restricted
parties totalled parties totalled $1,621K.K.
**Restricted partiesRestricted parties include: include:
a)a) Caisse directors and the caisse general manager,Caisse directors and the caisse general manager,
including their relatives including their relatives
b)b) Federation directors, including their relativesFederation directors, including their relatives
Investment Funds
The money that caisses invest in these funds allows the
Fédération des caisses Desjardins du Québec (the
Federation) to invest in Desjardins Group subsidiaries
and regional projects. The table below indicates the
caisse's interest in each investment fund and the fund's
return at the end of the fiscal year.
Provincial funds Value of shares held as at
December 31, 2020($)
Averagereturn
(%)
Société de Services descaisses Desjardins (SER) (693) 0,0
Desjardins CapitalManagement (INV) 171,209 21,8
Desjardins FinancialHolding (FIN5A) 64,696,232 10,4
The Federation's obligation toholders of permanent shares
Further to a recommendation issued by the Autorité des
marchés financiers, the Federation guarantees that it will
indemnify Quebec caisse members holding permanent
shares in the event of losses resulting from
misinformation in the audited Combined Financial
Statements of the Desjardins caisses in Quebec and
Desjardins Group's annual Management's Discussion and
Analysis. These documents are available at
www.sedar.com. The Federation's obligation in this
matter is subject to certain conditions. Holders of
permanent shares can request more information at their
caisse.
The Combined Financial Statements of the Desjardins
caisses in Quebec are also available to the public at
www.desjardins.com.
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CAISSE DESJARDINS DE VAUDREUIL-SOULANGES
Summary of the loan portfolio
As at December 31, 2020, the quality of the caisse's loan portfolio remained high. Gross impaired loans represent just 0,5% of total gross loans. The table below shows the grosscarrying amount of loans and their allowance balance by stage:
Stage 1Non-credit impared
Stage 2Non-credit impared
Stage 3Credit-impared
Total 2020 Total 2019
As at December 31(in thousands of Canadian dollars)
Gross carryingamount
Allowance forcredit losses
Gross carryingamount
Allowance forcredit losses
Gross carryingamount
Allowance forcredit losses
Gross carryingamount
Allowance forcredit losses
Net carryingamount
Net carryingamount
Residential mortgages 1,180,358 671 223,333 986 4,103 278 1,407,794 1,935 1,405,859 1,308,277Consumer and otherpersonal loans 38,041 77 4,503 167 16 9 42,560 253 42,307 43,201
Business and government 334,086 354 93,898 911 4,791 741 432,775 2,006 430,769 433,113
Total 1,552,485 1,102 321,734 2,064 8,910 1,028 1,883,129 4,194 1,878,935 1,784,591
For more information, see Note 2, "Basis of presentation and significant accounting policies" to the Combined Financial Statements of the Desjardins caisses in Quebec for the yearended December 31, 2019, available at www.desjardins.com. Certain comparative figures have been reclassified to conform with the presentation to the current year's annualreport.
Summary of the deposit portfolio
As at December 31, 2020, the caisse's member deposits totalled $1,718,926K, up $269,430K, or 18,6%, year over year. Deposits by individuals provide the main source of fundingfor the caisse's expansion. These deposits represent 72.9% of total deposits as at December 31, 2020. The following table shows the breakdown of deposits by type of depositorwith amounts by type of savings*.
As at December 31(in thousands of Canadian dollars)
Payable on demand
Payable uponnotice
Payable on afixed date
Total 2020 Total 2019
Individuals 654,208 59,189 539,936 1,253,333 1,077,924
Business and government 440,856 4,981 19,756 465,593 371,572
Total 1,095,064 64,170 559,692 1,718,926 1,449,496
*For more information on presentation and significant accounting policies, see Note 2 to the Combined Financial Statements of the Desjardinscaisses in Quebec, available at www.desjardins.com.
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