🏦 Efficiency Ratio (Operating Cost-to-Revenue Ratio) of the 39 Largest Lenders by Assets in Canada
👉 A lower ratio = greater efficiency
Efficiency Ratio of Largest Banks and Credit Unions (Q2 2025)
| Name | Revenue ($M) | Operating Expenses ($M) | Efficiency Ratio | Efficiency Ratio Ranking ▲ |
|---|---|---|---|---|
| Home Bank5 | $261 | $47 | 18.04% | 1 |
| Canadian Tire Bank5 | $141 | $45 | 32.02% | 2 |
| General Bank5 | $79 | $27 | 34.01% | 3 |
| Fairstone Bank5 | $1,478 | $594 | 40.17% | 4 |
| HomeEquity Bank5 | $256 | $119 | 46.24% | 5 |
| PC Bank5 | $1,227 | $595 | 48.51% | 6 |
| Equitable Bank (Inc. Concentra) | $1,279 | $625 | 48.85% | 7 |
| VersaBank5 | $112 | $57 | 51.16% | 8 |
| Steinbach Credit Union2 | $184 | $96 | 52.37% | 9 |
| National Bank | $12,773 | $6,721 | 52.62% | 10 |
| TD | $66,676 | $35,271 | 52.90% | 11 |
| CIBC | $27,524 | $15,170 | 55.12% | 12 |
| Manulife Bank5 | $526 | $292 | 55.50% | 13 |
| BMO | $35,094 | $19,712 | 56.17% | 14 |
| Haventree Bank5 | $96 | $54 | 56.80% | 15 |
| RBC | $62,116 | $35,604 | 57.32% | 16 |
| Scotiabank (Inc. Tangerine) | $35,342 | $21,846 | 61.81% | 17 |
| Cambrian Credit Union2 | $83 | $56 | 67.34% | 18 |
| Servus Credit Union3 | $827 | $567 | 68.59% | 19 |
| Innovation Federal Credit Union2 | $142 | $99 | 69.74% | 20 |
| Access Credit Union2 | $253 | $182 | 71.76% | 21 |
| Meridian Credit Union2 | $539 | $389 | 72.17% | 22 |
| Desjardins1 | $14,778 | $10,825 | 73.25% | 23 |
| Affinity Credit Union2 | $216 | $159 | 73.71% | 24 |
| ATB1 | $2,187 | $1,618 | 74.01% | 25 |
| Assiniboine Credit Union2 | $128 | $96 | 74.68% | 26 |
| Laurentian Bank (Inc. B2B) | $999 | $766 | 76.66% | 27 |
| Conexus Credit Union2 | $216 | $170 | 78.87% | 28 |
| Libro Credit Union2 | $161 | $130 | 80.82% | 29 |
| Beem Credit Union2 | $204 | $166 | 81.77% | 30 |
| FirstOntario Credit Union2 | $126 | $107 | 85.26% | 31 |
| Coast Capital Savings5 | $482 | $419 | 86.97% | 32 |
| Coastal Community Credit Union2 | $96 | $85 | 87.93% | 33 |
| Alterna Savings2 | $141 | $128 | 90.77% | 34 |
| DUCA Financial2 | $96 | $88 | 91.20% | 35 |
| Vancity2 | $525 | $494 | 94.15% | 36 |
| Prospera Credit Union2 | $137 | $135 | 98.12% | 37 |
| UNI Financial Cooperation5 | $170 | $174 | 102.48% | 38 |
| First West Credit Union2 | $275 | $286 | 103.97% | 39 |
Note: All values are annual.
1. As of Mar. 31, 2025;
2. As of Dec. 31, 2024;
3. As of Oct. 31, 2024;
5. Year Ended 2024 (OSFI)
Sources: Lender’s Quarterly and Annual Financial Reports, OSFI
🔍 Key Insights
- 1️⃣ Online banks unsurprisingly lead the list, saving on operating costs by not running branches.
- 2️⃣ Steinbach Credit Union in Manitoba has the best efficiency ratio among credit unions.
- 3️⃣ Fairstone Bank is the best-performing bank with a branch network.
- 4️⃣ Overall, banks generally post better efficiency ratios than credit unions.
- 5️⃣ Among the Big 6, National Bank has the strongest efficiency ratio.
🏅 Top Performers (Best Efficiency)
- 1️⃣ Home Bank
- 2️⃣ Canadian Tire Bank
- 3️⃣ General Bank of Canada
- 4️⃣ Fairstone Bank
- 5️⃣ HomeEquity Bank
- 6️⃣ PC Bank
- 7️⃣ Equitable Bank (incl. Concentra)
- 8️⃣ VersaBank
- 9️⃣ Steinbach Credit Union
- 🔟 National Bank
Note: Efficiency ratios are calculated as operating expenses ÷ (net interest income + non-interest income) over a 12-month period.
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