🏦 Efficiency Ratio (Operating Cost-to-Revenue Ratio) of Canada's 63 Largest Lenders — October 2025
👉 A lower ratio = greater efficiency
🔍 Key Insights
- 1️⃣ The lowest efficiency ratios belong to Canadian Tire Bank, General Bank and Fairstone Bank.
- 2️⃣ Fairstone Bank is the best-performing lender with a branch network.
- 3️⃣ Among Big 6 Banks, TD has the best efficiency ratio.
- 4️⃣ Overall, banks generally post better efficiency ratios than credit unions.
🏅 Top Performers (Best Efficiency)
- 1️⃣ Canadian Tire Bank
- 2️⃣ General Bank
- 3️⃣ Fairstone Bank
- 4️⃣ HomeEquity Bank
- 5️⃣ CUA
- 6️⃣ Vision Credit Union
- 7️⃣ TD
- 8️⃣ Steinbach Credit Union
- 9️⃣ National Bank
- 🔟 CIBC
Note: Efficiency ratios are calculated as operating expenses ÷ (net interest income + non-interest income) over a 12-month period.
Efficiency Ratio of Largest Financial Institutions (October 2025)
| Name | Revenue ($M) | Operating Expenses ($M) | Efficiency Ratio | Efficiency Ratio Ranking ▲ |
|---|---|---|---|---|
| Canadian Tire Bank5 | $1,425 | $485 | 34% | 1 |
| General Bank5 | $83 | $31 | 38% | 2 |
| Fairstone Bank5 | $2,051 | $806 | 39% | 3 |
| HomeEquity Bank5 | $291 | $133 | 46% | 4 |
| CU Atlantic Limited2 | $52 | $24 | 46% | 5 |
| Vision CU3 | $95 | $45 | 47% | 6 |
| TD | $67,777 | $33,539 | 49% | 7 |
| Steinbach CU2 | $184 | $96 | 52% | 8 |
| National Bank | $13,980 | $7,600 | 54% | 9 |
| CIBC | $29,133 | $15,852 | 54% | 10 |
| RBC | $66,605 | $36,592 | 55% | 11 |
| Haventree Bank5 | $102 | $58 | 57% | 12 |
| BMO | $36,274 | $21,107 | 58% | 13 |
| Manulife Bank5 | $526 | $308 | 59% | 14 |
| Scotiabank | $37,741 | $22,518 | 60% | 15 |
| Equitable Bank | $1,262 | $753 | 60% | 16 |
| RFA Bank5 | $68 | $41 | 61% | 17 |
| Bridgewater Bank5 | $52 | $32 | 61% | 18 |
| Servus CU6 | $1,060 | $658 | 62% | 19 |
| PC Bank5 | $1,220 | $766 | 63% | 20 |
| VersaBank5 | $117 | $74 | 64% | 21 |
| Provincial CU2 | $50 | $33 | 66% | 22 |
| Stride CU2 | $30 | $20 | 66% | 23 |
| Cambrian CU2 | $83 | $56 | 67% | 24 |
| ATB1 | $2,321 | $1,618 | 70% | 25 |
| Innovation Federal CU2 | $142 | $99 | 70% | 26 |
| Synergy CU2 | $61 | $43 | 70% | 27 |
| Kindred CU2 | $56 | $39 | 71% | 28 |
| Desjardins1 | $15,853 | $11,333 | 71% | 29 |
| Access CU2 | $253 | $182 | 72% | 30 |
| Meridian CU2 | $539 | $389 | 72% | 31 |
| First Nations Bank5 | $46 | $34 | 73% | 32 |
| Fusion CU2 | $39 | $29 | 74% | 33 |
| Affinity CU2 | $216 | $159 | 74% | 34 |
| East Coast CU2 | $61 | $45 | 74% | 35 |
| Sunrise CU2 | $50 | $37 | 74% | 36 |
| Assiniboine CU2 | $128 | $96 | 75% | 37 |
| Cornerstone CU2 | $64 | $48 | 75% | 38 |
| Laurentian Bank | $984 | $750 | 76% | 39 |
| Caisse Populaire Alliance2 | $67 | $51 | 77% | 40 |
| Westoba CU2 | $47 | $36 | 77% | 41 |
| Conexus CU2 | $216 | $170 | 79% | 42 |
| Libro CU2 | $161 | $130 | 81% | 43 |
| Beem CU2 | $204 | $166 | 82% | 44 |
| Your Neighbourhood CU2 | $53 | $45 | 85% | 45 |
| Salmon Arm Savings and CU2 | $30 | $25 | 85% | 46 |
| FirstOntario CU2 | $126 | $107 | 85% | 47 |
| Ukrainian CU2 | $26 | $23 | 88% | 48 |
| Coastal Community CU2 | $96 | $85 | 88% | 49 |
| Tandia CU2 | $30 | $26 | 88% | 50 |
| Coast Capital Savings5 | $487 | $432 | 89% | 51 |
| Alterna Savings2 | $141 | $128 | 91% | 52 |
| DUCA Financial2 | $96 | $88 | 91% | 53 |
| Kootenay Savings CU2 | $34 | $32 | 93% | 54 |
| Buduchnist CU (BCU)2 | $18 | $16 | 93% | 55 |
| Vancity2 | $525 | $494 | 94% | 56 |
| Kawartha CU2 | $47 | $44 | 95% | 57 |
| Caisse Financial Group4 | $32 | $31 | 96% | 58 |
| Mainstreet CU2 | $26 | $25 | 98% | 59 |
| Prospera CU2 | $137 | $135 | 98% | 60 |
| UNI Financial Cooperation5 | $180 | $178 | 99% | 61 |
| First West CU2 | $275 | $286 | 104% | 62 |
| Rogers Bank5 | $121 | $139 | 115% | 63 |
Note: All values are annual.
1. As of Sep 30, 2025;
2. As of Dec 31, 2024;
3. As of Oct 31, 2024;
4. As of Sep 30, 2024;
5. As of Sep 30, 2025 (OSFI);
6. As of Jul 31, 2025
Note: Only financial institutions with assets over $1 billion are included in the ranking. Windsor Family CU, Northern CU, and Prosperity CU were excluded due to a lack of financial reports.
Sources: Lender's Quarterly and Annual Financial Reports, OSFI
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