Snapshot of Big Six Banks’ Q3 2025 Earnings
Excluding National Bank, all of the Big 6 banks exceeded earnings expectations last quarter.
We compared the big 6 banks' key metrics, such as revenue and net income, against Q3 2015 to highlight the 10-year change.
📊 Key Insights
- National Bank leads with the strongest growth over the past decade:
- Revenue ↑ 120%
- Net income ↑ 135%
- Scotiabank lags behind, with the weakest performance:
- Revenue ↑ 55%
- Net income ↑ 37%
- Excluding Scotiabank, the other Big 6 banks posted 10-year revenue growth between 86% and 120%.
- Aggregated performance shows alignment across the sector:
- Market cap ↑ 102%
- Net income ↑ 82%
- Deposits, net loans, and assets ↑ ~100%
- Money supply (M2) in Canada also ↑ ~100% over the same period.
Aggregated Performance of Big 6 Banks
| Metric | Q3 2025 | Q3 2015 | 10-Year % Change |
|---|---|---|---|
| Net Income | $16.8B | $9.2B | +82% |
| Revenue | $61.5B | $32.9B | +87% |
| Assets | $8,764B | $4,393B | +99% |
| Net Loans | $4,275B | $2,193B | +95% |
| Deposits | $6,063B | $3,001B | +102% |
| Market Cap | $776B | $384B | +102% |
TD Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $3.34B | -70% | +1940% | +47% |
| Revenue | $15.3B | -33% | +7.9% | +91% |
| Total Assets | $2,035B | -1.4% | +3.5% | +85% |
| Net Loans and Acceptances | $936B | -0.03% | -0.2% | +77% |
| Total Deposits | $1,484B | -0.4% | +2.5% | +93% |
Source: TD Financial Reports
RBC Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $5.41B | +23% | +21% | +119% |
| Revenue | $17.0B | +8.4% | +16% | +92% |
| Total Assets | $2,228B | -0.6% | +7.3% | +105% |
| Net Loans and Acceptances | $1,025B | +1.8% | +5.5% | +116% |
| Total Deposits | $1,481B | +2.4% | +8.8% | +113% |
Source: RBC Financial Reports
Scotiabank Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.53B | +24% | +32% | +37% |
| Revenue | $9.49B | +4.5% | +13% | +55% |
| Total Assets | $1,415B | -0.1% | +0.9% | +64% |
| Net Loans and Acceptances | $762B | +0.7% | -0.1% | +65% |
| Total Deposits | $947B | +0.1% | -0.2% | +57% |
Source: Scotiabank Financial Reports
CIBC Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.10B | +4.4% | +16.8% | +114% |
| Revenue | $7.25B | +3.3% | +9.8% | +106% |
| Total Assets | $1,102B | +1.1% | +7.9% | +141% |
| Net Loans and Acceptances | $582B | +1.8% | +5.7% | +104% |
| Total Deposits | $793B | +1.0% | +6.6% | +120% |
Source: CIBC Financial Reports
BMO Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.33B | +19% | +25% | +95% |
| Revenue | $8.99B | +3.6% | +9.7% | +86% |
| Total Assets | $1,432B | -0.6% | +2.2% | +113% |
| Net Loans and Acceptances | $678B | +0.2% | +0.6% | +113% |
| Total Deposits | $955B | -0.3% | -1.0% | +113% |
Source: BMO Financial Reports
National Bank Highlights Q3 2025 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.07B | +19% | +3.1% | +135% |
| Revenue | $3.45B | -5.5% | +15% | +120% |
| Total Assets | $553B | +3.1% | +22% | +156% |
| Net Loans and Acceptances | $293B | +2.5% | +22% | +160% |
| Total Deposits | $402B | +3.7% | +25% | +215% |
Source: National Bank Financial Reports
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