🍁 Snapshot of Big Six Banks’ Q4 2025 Earnings
All Big Six banks beat earnings expectations, and RBC’s market capitalization now exceeds BMO, CIBC, and National Bank combined.
All six banks reported Q4 earnings in the first week of December. As in previous quarters, we analyzed key metrics including revenue, net income, deposits, and loans.
📊 Key Insights
1️⃣ RBC Remains the King
- Net income, revenue, net loans, and deposits increased quarterly, annually, and over the decade
- Strong fee income in Capital Markets and Wealth Management
- Market cap: $314B — larger than BMO, CIBC, and National Bank combined
2️⃣ TD: Mixed Results
- Net income declined both quarterly and annually
- Wholesale Banking and Wealth Management were bright spots
- Substantial charges tied to internal restructuring and U.S. balance sheet repositioning
3️⃣ BMO: Overall Soft, but U.S. Banking Shines
- Net income declined quarterly and annually
- U.S. banking profits surged 147% year-over-year
4️⃣ Scotiabank: Strong Annual, Weak Decade Performance
- Highest annual net income growth among the Big Six
- Lowest net income growth over the past decade
- Significant Q4 restructuring including layoffs and international footprint adjustments
5️⃣ CIBC: Strong Performance
- Net income, revenue, net loans, and deposits increased quarterly, annually, and over the decade
- Major lift from U.S. Commercial Banking and Capital Markets
- Quarterly dividend increased 10% year-over-year
6️⃣ National Bank: Aggressive Expansion
- Strong gains in Capital Markets and an active M&A strategy
- Net income up 205% over the past decade, highest among the Big Six
📈 Big Six Combined: 10-Year Growth
- Market cap up 131%
- Net income up 91%
- Deposits up 106%
- Net loans up 94%
- Canada’s money supply (M2) also increased roughly 100% over the same period
Aggregated Performance of Big 6 Banks
| Metric | Q4 2025 | Q4 2015 | 10-Year % Change |
|---|---|---|---|
| Net Income | $16.5B | $8.6B | +91% |
| Revenue | $63.1B | $32.1B | +96% |
| Assets | $9,050B | $4,356B | +108% |
| Net Loans* | $4,337B | $2,239B | +94% |
| Deposits | $6,197B | $3,004B | +106% |
| Market Cap | $889B | $385B | +131% |
TD Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $3.3B | -1.7% | -10% | +78% |
| Revenue | $15.5B | +1.3% | -0.1% | +93% |
| Total Assets | $2,095B | +3% | +1.6% | +90% |
| Net Loans | $953B | +1.8% | +0.4% | +75% |
| Total Deposits | $1,502B | +1.2% | -0.3% | +95% |
Source: TD Financial Reports
RBC Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $5.4B | +0.4% | +29% | +110% |
| Revenue | $17.2B | +1.3% | +14% | +115% |
| Total Assets | $2,325B | +4% | +7% | +116% |
| Net Loans and Acceptances | $1,042B | +1.7% | +6% | +115% |
| Total Deposits | $1,516B | +2% | +8% | +117% |
Source: RBC Financial Reports
Scotiabank Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.2B | -13% | +31% | +20% |
| Revenue | $9.8B | +3% | +15% | +60% |
| Total Assets | $1,460B | +3% | +3% | +70% |
| Net Loans and Acceptances | $771B | +1.2% | +1.3% | +64% |
| Total Deposits | $966B | +2% | +2% | +61% |
Source: Scotiabank Financial Reports
CIBC Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.2B | +4% | +16% | +180% |
| Revenue | $7.6B | +4% | +14% | +118% |
| Total Assets | $1,117B | +1.3% | +7% | +141% |
| Net Loans and Acceptances | $590B | +1.4% | +6% | +103% |
| Total Deposits | $808B | +1.9% | +6% | +120% |
Source: CIBC Financial Reports
BMO Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.3B | -1.5% | -0.4% | +89% |
| Revenue | $9.3B | +4% | +4% | +87% |
| Total Assets | $1,477B | +3% | +5% | +130% |
| Net Loans and Acceptances | $678B | +0% | -0.1% | +103% |
| Total Deposits | $976B | +2% | -0.6% | +123% |
Source: BMO Financial Reports
National Bank Highlights Q4 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.1B | -0.6% | +11% | +205% |
| Revenue | $3.7B | +7% | +26% | +152% |
| Total Assets | $577B | +4% | +25% | +167% |
| Net Loans and Acceptances | $303B | +3% | +25% | +163% |
| Total Deposits | $428B | +6% | +28% | +232% |
Source: National Bank Financial Reports
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