INDUSTRIES

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MARKETSBankinginCanadaCHAPTER

01OverviewLargestbanksworldwideasofDecember31,2024,bymarketcapitalization(inbillionU.S.dollars)Largestbanksworldwide2024,bymarketcapitalizationMarketcapitalizationinbillionU.S.dollars200

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4000100500600700800JPMorganChaseBankofAmericaIndustrial&CommercialBankofChinaAgriculturalBankofChinaWellsFargo678.97340.21313.5249.75236.76211.81ChinaConstructionBankMorganStanley204.21200.69BankofChinaGoldmanSachs180.86HSBCRoyalBankofCanadaHDFCBank176.71170.98164.68CommonwealthBankofAustraliaCharlesSchwab162.31136.81135.63MitsubishiUFJFinancial4Description:AsofDecember31,2024,thelargestbankintheworldintermsofmarketcapitalizationwastheU.S.-basedJPMorganChase.TheAmericanbankinggiant'smarketcapexceeded678billionU.S.dollars,whichwassignificantlyhigherthanBankofAmerica's,whichrankedsecondwithamarketcapofapproximately340.21billionU.S.dollars.JPMorganChasewasalsothelargestbankintheUnitedStatesintermsoftotalassetsbutrankedonlyfifthglobally,behindfourChinesebanks.ReadmoreNote(s):Worldwide;December31,2024Source(s):CompaniesMarketCLargestbanksworldwideasofDecember2023,byassets(intrillionU.S.dollars)Largestbanksworldwide2023,byassetsTotalassetsintrillionU.S.dollars01234567Industrial&CommercialBankofChina(China)AgriculturalBankofChina(China)ChinaConstructionBank(China)BankofChina(China)6.35.625.44.58JPMorganChase(U.S.)3.88BankofAmerica(U.S.)3.18HSBCHoldings(U.K.)BNPParibas(France)2.922.87MitsubishiUFJFinancialGroup(Japan)2.82CréditAgricole(France)2.74PostalSavingsBankofChina(China)Citigroup(U.S.)2.222.2SumitomoMitsuiFinancialGroup(Japan)BancoSantander(Spain)2.031.991.98BankofCommunications(China)5Description:Thelargestbankintheworldbasedontotalassetsin2023wastheIndustrialandCommercialBankofChina(ICBC).Thebank'stotalassetsreachedapproximately6.3trillionU.S.dollarsthatyear.ThefollowingthreelargestbanksthatyearwerealsoChinese:ChinaConstructionBank,AgriculturalBankofChina,andChinaConstructionBank.?Whatareassets?Anassetisaneconomicresourcethatcantakeanumberofdifferentforms.Anassetisanythingwitheconomicvaluethatanindividual,[...]ReadmoreNote(s):Worldwide;2023Source(s):S&PGlobalLeadingfinancialcentersinNorthAmerica2024LeadingfinancialcentersinNorthAmerica2024GlobalFinancialCentresIndexscore0100200300400500600700800764900NewYorkSanFranciscoLosAngelesChicago740737736733WashingtonDCSanDiego723Boston722721TorontoMinneapolis/StPaulMontreal718714Calgary710Miami7066Description:NewYorkwasthemostattractivefinancialcenterinNorthAmericabasedonasurveyconductedin2024.Therankingisbasedonanindexwhereamultitudeoffactorsareintegrated.Importantareasofcompetitivenessare,amongothers,businessenvironment,humancapital,taxationandinfrastructure.NewYorkreceivedascoreof764points,anditwasfollowedbySanFranciscoasthesecondmostattractivefinancialcenterinNorthAmerica,with740points.ReadmoreNote(s):Canada,UnitedStates;2024;8,494respondents;AmongfinancialservicesprofessionalsSource(s):Z/YenLargestbanksinCanadain2024,bytotalassets(inbillionCanadiandollars)LargestbanksinCanada2024,byassetsAssetsinbillionCanadiandollars500

1,00001,5002,0002,500RoyalBankofCanada(RBC)Toronto-DominionBank(TDBank)BankofNovaScotia(Scotiabank)2,171.582,061.81,412.031,409.65BankofMontreal(BMO)CanadianImperialBankofCommerce(CIBC)1,041.997Description:Asof2024,theRoyalBankofCanada(RBC)heldthepositionofCanada’slargestbank,withtotalassetsexceeding2.1trillionCanadiandollars,closelyfollowedbytheToronto-DominionBank(TDBank).Between2015and2024,thesebanksconsistentlyreportedsteadyrevenuegrowth,reflectingthestabilityandprofitabilityofCanada’sbankingindustry.ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankLargestbanksinCanadaasofDecember31,2024,bymarketcap(inbillionU.S.dollars)LargestbanksinCanada2024,bymarketcapMarketcapinbillionU.S.dollars40

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80020100120140160180RoyalBankofCanada(RBC)Toronto-DominionBank(TDBank)BankofMontreal(BMO)170.9893.0870.83BankofNovaScotia(Scotiabank)CanadianImperialBankofCommerce(CIBC)NationalBankofCanada66.959.2631.218Description:TheRoyalBankofCanada(RBC)maintaineditspositionasCanada'smostvaluablebankbymarketcapitalization,reaching170billionU.S.dollarsinDecember2024.Toronto-DominionBankheldthesecondpositionwithamarketcapof93.08billionU.S.dollars,substantiallylowerthanRBCbutstillsignificantlyaheadofthethird-rankedBankofMontreal.Beyonditsmarketvalueleadership,RBCalsoledCanadianbanksintermsoftotalassets.ReadmoreNote(s):Canada;December31,2024Source(s):CompaniesMarketCNumberofbankbranchesper100,000adultsinCanadafrom2006to2023Numberofbankbranchesper100,000adultsinCanada2006-202326.025.024.023.022.021.020.019.018.02006200720082009201020112012201320142015201620172018201920202021202220239Description:Thenumberofbankbranchesper100,000adultsinCanadafellsharplyfrom2006to2023.In2006,therewereapproximately24.6branchesper100,000adults,anumberthatremainedstableuntil2012beforedecliningto19.7by2019and19by2023.Thisreductioninbranchnumbersalsoledtoadeclineinbranchbankingusage.Between2019and2024,theshareofbankaccountholdersconductingbankingtransactionsinpersondroppedbysixpercentagepoints.

ReadmoreNote(s):Canada;2006to2023Source(s):WorldBankAverageinflationrateandbankrateinCanadafromJanuary2018toNovember2024MonthlyinflationrateandbankrateinCanada2018-2024InflationrateBankrate9.0%8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%-1.0%10Description:Canada'sinflationrateandbankratehaveundergonesignificantchangesfromJanuary2018toOctober2024.Afterreachingapeakof8.1percentinJune2022,inflationgraduallydeclinedto1.9percentbyNovember2024.Thistrendmirrorstheglobaleconomiclandscape,wheremostadvancedandemergingeconomiesexperiencedsimilarinflationarypressuresandsubsequentmonetarypolicyresponses.

ReadmoreNote(s):Canada;January2018toNovember2024Source(s):BankofCanadaCHAPTER

02BankingsystemefficiencyandstabilityTotalassetsofbanksinCanadafrom2002to2023(intrillionU.S.dollars)ValueofbankassetsinCanada2002-202365432102002

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202312Description:ThevalueoftotalassetsinthebankingindustryinCanadaincreasedbetween2002and2023.TheassetsofCanadianbanksincreasedfromapproximately1.12trillionU.S.dollarsin2002toroughly5.6trillionU.S.dollarsin2023.ThetwolargestbanksinthecountryareToronto-DominionBankandRoyalBankofCanada,bothwithassetsofaroundtwotrillionCanadiandollars.ReadmoreNote(s):Canada;2002to2023Source(s):FinancialStabilityBoardTotalassetsoffinancialinstitutionsinCanadafrom2002to2023,byinstitutiontype(intrillionU.S.dollars)AssetsoffinancialinstitutionsinCanada2002-2023,byinstitutiontypeBanksOtherfinancialintermediaries(OFIs)PensionfundsInsurancecompaniesCentralbank16141210864202002

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202313Description:ThetotalassetsoffinancialinstitutionsinCanadaincreasedoverallbetween2002and2023,buttheassetdistributionbetweendifferenttypesoffinancialinstitutionsvariednotably.ThetotalassetsinthebankingsectorexceededfivetrillionU.S.dollarsattheendof2023,whichwasaslightincreasecomparedtothepreviousyear.Moreover,thevalueoftotalassetsinpensionfundsandinsurancecompaniesreboundedafterthedeclineinthepreviousyear.Duetotheseincreases,total[...]

ReadmoreNote(s):Canada;2002to2023Source(s):FinancialStabilityBoardNetincomeofthelargestbanksinCanadain2024(inmillionCanadiandollars)NetincomeofthelargestbanksinCanada2024NetincomeinmillionCanadiandollars4,000

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8,00002,00010,00012,00014,00016,00018,000RoyalBankofCanada(RBC)Toronto-DominionBank(TDBank)BankofNovaScotia(Scotiabank)16,2408,8427,892BankofMontreal(BMO)7,3277,154CanadianImperialBankofCommerce(CIBC)14Description:In2024,theRoyalBankofCanada(RBC)stoodoutasthemostprofitablebankamongCanada'slargestfinancialinstitutions,reportinganetincomeexceeding16.2billionCanadiandollars.Toronto-DominionBank(TDBank)rankedsecond,withanetincomeofapproximately8.8billionCanadiandollars.Inadditiontoleadinginprofitability,RBCalsoheldthelargestassetvolume,surpassingtwotrillionCanadiandollars.ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankReturnonequity(ROE)ofthelargestbanksinCanadain2024ROEofthelargestbanksinCanada2024Returnonequity0%2%4%6%8%10%12%14%16%RoyalBankofCanada(RBC)CanadianImperialBankofCommerce(CIBC)BankofNovaScotia(Scotiabank)14.4%13.4%10.2%BankofMontreal(BMO)9.8%Toronto-DominionBank(TDBank)8.2%15Description:In2024,theRoyalBankofCanada(RBC)achievedthehighestreturnoncommonequity(ROE)amongthefivelargestCanadianbanks,reportinganimpressiveannualROEof14.4percent.TheCanadianImperialBankofCommerce(CIBC)followedcloselywithaROEof13.4percent.AlongsideitsleadingROE,RBCalsopostedthehighestnetincomefortheyear,totaling16billionCanadiandollars.ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankReturnonassets(ROA)ofthelargestbanksinCanadain2024ROAofthelargestbanksinCanada2024Returnonassets0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%RoyalBankofCanada(RBC)0.77%CanadianImperialBankofCommerce(CIBC)BankofNovaScotia(Scotiabank)BankofMontreal(BMO)0.71%0.56%0.53%Toronto-DominionBank(TDBank)0.42%16Description:In2024,theRoyalBankofCanada(RBC)ledthefivelargestCanadianbanksinreturnonassets(ROA),reportingarateof0.77percent.TheCanadianImperialBankofCommerce(CIBC)followedwithaROAof0.71percent.Additionally,RBCrecordedthehighestreturnonequity(ROE)fortheyear,at14.4percent.ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;Macrotrends;RoyalBankofCanada;Scotiabank;StatistaEfficiencyratioofthelargestbanksinCanadain2024EfficiencyratioofthelargestbanksinCanada2024Efficiencyratio0%10%20%30%40%50%60%70%Toronto-DominionBank(TDBank)RoyalBankofCanada(RBC)62%59.7%BankofMontreal(BMO)59.5%BankofNovaScotia(Scotiabank)CanadianImperialBankofCommerce(CIBC)58.5%55.8%17Description:AmongCanada'slargestbanks,Toronto-DominionBank(TDBank)reportedthehighestefficiencyratioin2024at62percent,followedbytheRoyalBankofCanada(RBC)at59.7percent.TheCanadianImperialBankofCommerce(CIBC)recordedthelowestefficiencyratio,at55.8percent.Theefficiencyratio-alsoknownasthecost-to-incomeratioorproductivityratio-isakeymeasureofoperationalefficiency,calculatedbydividingnon-interestexpensesbytotalrevenue.Alowerratio[...]

ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankCommonEquityTier1(CET1)ratioofthelargestbanksinCanadain2024CET1ratioofthelargestbanksinCanada2024CET1ratio0%2%4%6%8%10%12%14%16%BankofMontreal(BMO)CanadianImperialBankofCommerce(CIBC)RoyalBankofCanada(RBC)13.6%13.3%13.2%13.1%13.1%Toronto-DominionBank(TDBank)BankofNovaScotia(Scotiabank)18Description:TheBankofMontreal(BMO)reportedthehighestCommonEquityTier1(CET1)ratioamongCanada'sfivelargestbanksin2024,at13.6percent.TheCanadianImperialBankofCommerce(CIBC)rankedsecondwithaCET1ratioof13.3percent,followedcloselybytheRoyalBankofCanada(RBC)at13.2percent.ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankNumberofemployeesatthelargestbanksinCanadain2024NumberofemployeesatthelargestbanksinCanada2024Numberofemployees020,00040,00060,00080,000100,000120,000Toronto-DominionBank(TDBank)RoyalBankofCanada(RBC)101,75894,838BankofNovaScotia(Scotiabank)BankofMontreal(BMO)88,48853,597CanadianImperialBankofCommerce(CIBC)48,52519Description:In2024,Toronto-DominionBank(TDBank)hadthehighestnumberofemployeesamongCanada'slargestbanks,withover101,000staffmembers.ItwasfollowedbytheRoyalBankofCanada(RBC),whichemployed94,838people.

ReadmoreNote(s):Canada;2024Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankCHAPTER

03RetailbankingNumberofcustomersofthelargestbanksinCanadain2025(inmillions)NumberofcustomersofthelargestbanksinCanada2025Numberofcustomersinmillions051015202530Toronto-DominionBank(TDBank)BankofNovaScotia(Scotiabank)*RoyalBankofCanada(RBC)27.92517CanadianImperialBankofCommerce(CIBC)BankofMontreal(BMO)141321Description:AsofJanuary2025,Toronto-DominionBank(TDBank)hadthehighestnumberofcustomersamongCanada'sfivelargestbanks,withatotalof27.9millioncustomers.ItwasfollowedbytheBankofNovaScotia,whichhad25millioncustomers.

ReadmoreNote(s):Canada;January2025Source(s):BankofMontreal;CanadianImperialBankofCommerce;RoyalBankofCanada;Scotiabank;Statista;TDBankCustomersatisfactionwithlargestretailbanksinCanadain2024CustomersatisfactionwithleadingCanadianretailbanks2024Customerratingonascalefrom0to1,0000100200300400500600582700RoyalBankofCanada(RBC)BankofNovaScotia(Scotiabank)568BankofMontreal(BMO)564559Toronto-DominionBank(TDBank)CanadianImperialBankofCommerce(CIBC)55622Description:In2024,RoyalBankofCanada(RBC)hadthehighestsatisfactionscoreamongretailbankingcustomersofCanada'slargestandmidsizebanks.Thisisaccordingtoasurveythatwascarriedoutinearly2024amongnearly3,000respondents.RBCreceivedascoreof582(outof1,000).ItwasfollowedbytheScotiabank,withascoreof568.Theaveragerankingofthepresentedbanksamountedto566points.

ReadmoreNote(s):Canada;JanuarytoMarch2024;2,822respondents;retailbankingcustomersofCanada'slargestandmidsizebanksSource(s):J.D.PowerCustomersatisfactionwithbankingservicesinCanadain2023,byserviceBankcustomersatisfactioninCanada2023,byserviceShareofrespondents0%10%20%30%40%50%60%70%80%77%90%88%100%OnlinebankingTap&paycontactlesspaymentOnlinemoneytransfers76%OnlineinvestmentmanagementMobileapp-basedbanking65%64%In-branchfinancialadvisor56%In-branchinvestmentmanagementadvisorOnlineinvestmentproductsDiscountbrokerageaccountOnlineloanapplication50%47%41%31%Onlinemortgageapplication26%23Description:In2023,customersatisfactionwithbankservicesinCanadawashighestforonlinebanking,with88percentofrespondentsexpressingsatisfaction.Contactlesspaymentsrankedsecond,with77percentofrespondents,followedcloselybyonlinemoneytransfers.Incontrast,satisfactionwithonlineloanandmortgageapplicationswasthelowest,withfewerthanone-thirdofrespondentsindicatingsatisfaction.ReadmoreNote(s):Canada;September15to20,2023;2,058respondentsSource(s):KPMGCanadaNetsavingsperhouseholdinCanadafrom2000to2023,byagegroupofmajorincomeearner(in1,000Canadiandollars)AveragesavingsperhouseholdinCanada2000-2023,byagegroup34yearsandunder35-44years45-54years55-64years65yearsandover403020100-10-202000

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202324Description:Householdswherethemajorincomeearnerwasfrom35to44yearsoldhadthehighestamountofnetsavingsin2023.Thatsegmentsavedonaveragenearly22,500Canadiandollarsthatyearalone.Householdsofindividualsolderthan64hadnegativenetsavingsamountingto13,760Canadiandollars,whichmeansthattheirexpenseswerehigherthantheirrevenue.Thesefiguresdonotshowtheoverallvalueofsavingsaccumulatedinbankaccountsandotherassets,buttheamount[...]

ReadmoreNote(s):Canada;2000to2023Source(s):StatCanAveragevalueofnetsavingsperhouseholdinCanadafrom2001to2023(inCanadiandollars)AveragehouseholdnetsavingsCanada2001-202314,00012,00010,0008,0006,0004,0002,00002001

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202325Description:TheaveragevalueofnetsavingsperhouseholdinCanadaincreasedby332dollars(+6.63percent)sincethepreviousyear.Intotal,theaveragevalueamountedto5,342dollarsin2023.Thisincreasewasprecededbyadecliningaveragevalue.

ReadmoreNote(s):Canada;2001to2023Source(s):StatCanAveragevalueofnewmortgageloansinCanadafrom3rdquarter2012to3rdquarter2024(inCanadiandollars)AveragevalueofnewmortgageloansinCanada2012-2024,perquarter400,000350,000300,000250,000200,000150,00026Description:TheaverageloansizeofnewmortgagesinCanadaincreasedin2024,afterayearofsteadydeclinein2023.Inthethirdquarterof2024,theaveragesizeofamortgageamountedto349,364Canadiandollars,upfrom332,825inthesecondquarterof2024.Mortgagesvariedinsizeindifferentmetropolitanareas,withTorontoandVancouverseeingthe?highestvalueofnewmortgages.ReadmoreNote(s):Canada;Q32012toQ32024;Censusmetropolitanareasandagglomerations(CMAs)Source(s):CanadaMortgageandHousingCorporationAveragemortgageinterestrateinCanadafrom2019to2023,bymortgagetypeAveragemortgageinterestrateinCanada2019-2023,bytypeofmortgageInsured,fixedrate,lessthan1yearUninsured,variablerateUninsured,fixedrate,lessthan1yearInsured,variablerateInsured,fixedrate,from1tolessthan3yearsUninsured,fixedrate,from3tolessthan5yearsInsured,fixedrate,3tolessthan5yearsUninsured,fixedrate,from1tolessthan3yearsUninsured,fixedrate,5yearsandmoreInsured,fixedrate,5yearsandmore9.5%8.5%7.5%6.5%5.5%4.5%3.5%2.5%1.5%0.5%2019202020212022202327Description:In2023,mortgageinterestratesinCanadaincreasedforalltypesofmortgages.Theinterestrateforfixedmortgageinterestratesforfiveyearsandmoredoubled,from2.38percentto5.52percentbetweenDecember2021andDecember2023.Thehigherborrowingcostsledtothehousingmarketcontractingin2022andcorrectionsofthepropertypricesacrossthecountry.ReadmoreNote(s):Canada;2019to2023;Fundsadvanced;asofDecemberofeachyearSource(s):BankofCanada;CanadaMortgageandHousingCorporationCHAPTER

04InvestmentbankingInvestorsatisfactionwithfull-serviceinvestmentfirmsinCanadain2024InvestorsatisfactionwithleadingCanadianinvestmentfirms2024Customerratingonascalefrom0to1,0000100200300400500600700800NationalBankFinancialRaymondJames716714EdwardJonesiAPrivateWealthDesjardinsBMONesbittBurnsScotiaMcLeod697692685684677CIBCWoodGundyIndustryAverage673671Manulife663IGWealthManagementCIAssanteWealthManagementRBCDominionSecuritiesTDWealthPIA(PrivateInvestmentAdvice)SunLifeFinancial66166066065364229Description:In2024,NationalBankFinancialachievedthehighestinvestorsatisfactionamongCanada'sleadingfull-serviceinvestmentfirms.Theaveragerankingofthefirmssurveyedwas671points,basedona1,000-pointscale.

ReadmoreNote(s):Canada;October2023toJanuary2024;4,931respondentsSource(s):J.D.PowerLeadingfinancialadvisorstomergerandacquisition(M&A)transactionsinCanadain2023,byvalueofdeals(inbillionU.S.dollars)LeadingfinancialadvisorstoM&AdealCanada2023,bydealvalueValueofM&AdealsinbillionU.S.dollars0102030405060CIBCWorldMarketsIncTDSecuritiesIncBofASecuritiesGoldmanSachsBarclays51.7249.8147.6737.8136.3935.0232.74RBCCapitalMarketsBMOCapitalMarketsJPMorgan29.99Scotiabank20.76MizuhoFinancialGroup14.5130Description:In2023,CIBC,theinvestmentbankingsubsidiaryoftheCanadianImperialBankofCommerce,wastheleadingfinancialadvisortomergerandacquisition(M&A)dealsinCanada.CIBCadvisedonM&Adealsworthover50billionU.S.dollars.SecondintherankingwasTDSecuritieswithdealsworthjustbelow50billionU.S.dollars.ReadmoreNote(s):Canada;2023Source(s):Kroll;LondonStockExchangeGroupValueofmergerandacquisitiontransactionsinCanadafrom2006to2023(inbillionU.S.dollars)ValueofM&AdealsinCanada2006-202325020015010050020062007200820092010201120122013201420152016201720182019202020212022202331Description:Mergerandacquisition(M&A)dealsinCanadabouncedbackin2021,afterunderperformingin2020.BetweenJanuaryandDecember2021,thevalueofM&Adealsreached150billionU.S.dollars,upfromonly71billionU.S.dollarsin2020.In2023,however,M&AvalueinCanadawentbackto81billionU.S.dollars.ReadmoreNote(s):Canada;2006to2023Source(s):AcurisGlobal;Dealogic;White&CaseMostactiveprivateequityinvestorsinCanadain2023,bynumberofdealsMostactiveprivateequityfirmsinCanada2023,bynumberofdealsNumberofdeals020406080100120140140160FondsdeSolidaritéFTQDesjardinsCapital112BDCCapitalInc.87InvestissementQuebec3129FondactionPelotonCapitalManagementNovacapManagementInc.2020141110Caissededép?tetplacementduQuébec(CDPQ)CanadianBusinessGrowthFund(CBGF)MadisonDearbornCapitalPartners32Description:In2023,themostactiveprivateequityinvestorinCanadawastheFondsdeSolidaritéFTQ.Theinvestmentanddevelopmentcapitalnetworkwasinvolvedinatotalof140privateequitydealsthatyear.FondsdeSolidaritéFTQwascloselyfollowedbyDesjardinsCapital,withatotalof112privateequitydeals.ThethirdplacerankingiscompletedbyBDCCapitalInc.,whichinvestedinatotalof87dealsinCanadain2023.ReadmoreNote(s):Canada;2023Source(s):CVCACHAPTER

05CorporatebankingValueofbusinesscreditdisbursedinCanadafrom1sthalf2018to2ndhalf2023,bytypeofsupplier(inbillionCanadiandollars)ValueofbusinesscreditdisbursedinCanadaH12018-H22023,bysupplierDomesticbanksOtherbanksCreditunionsandcaissespopulairesFinancecompaniesInsurancecompaniesandportfoliomanagers200180160140120100804.5154.364.416.115.65.816.616.115.615.63710.54.816.911.6156.114.86.16.433.636.614.86.215.216.134.715.211.733.711.51212.132.630.929.227.925.460117.6115.4112105.6100.683.94079.281.276.272.2200H12018H22018H12019H22019H12020H22021H12022H22022H12023H2202334Description:Between2018and2023,domesticbanksdisbursedthelargestshareofbusinessloansinCanada.Inthesecondhalfof2023,financebusinessesdistributedatotalof4.1billionCanadiandollarsinbusinessloans,with115.4billionCanadiandollarsprovidedbydomesticbanks.Otherbankscontributedthesecond-largestamount,financingapproximately36.6billionCanadiandollarsduringthatperiod.ReadmoreNote(s):Canada;H12018toH22023Source(s):GovernmentofCanadaValueofoutstandingofloanstobusinessesinCanadafromfirsthalf2018tosecondhalf2023,bybusinesssize(inbillionCanadiandollars)ValueofoutstandingofloanstobusinessesinCanadaH12018-H22023,bysizeSmallbusinessesMedium-sizedbusinessesLargebusinesses1,6001,4001,2001,0008001,007.4203.8932.5207892.4203.1838.8784.1741.2728.2715.4704.8683.5600650.4614.5400201.7137.9184.9127.5200170.2109.8173.3113.3173.7117.9182157.9104.4162.1105.7165.6108.6142.1134.8122.7140.40H12018H22018H12019H22019H12020H22020H12021H22021H12022H22022H12023H2202335Description:ThevalueofoutstandingloanstobusinessesinCanadamostlyincreasedfromthefirsthalfof2018tothesecondhalfof2023.Themainexceptiontothatoccurredinthesecondhalfof2020,whenthevalueofloanstolargebusinesses(thosewithloanauthorizationlevelsoffivebillionCanadiandollarsormore)decreased.LargebusinessesaccountedformostofthebusinessloansinCanada,amountingtooveronetrillionCanadiandollarsinthesecondhalfof2024.

ReadmoreNote(s):Canada;H12018toH22023Source(s):GovernmentofCanadaMonthlyinterestrateofbusinessloansinCanadafromOctober2016toSeptember2024MonthlyinterestrateofbusinessloansinCanada2016-20247.0%6.5%6.0%5.5%5.0%4.5%4.0%3.5%3.0%2.5%2.0%36Description:TheinterestrateofbusinessloansinCanadadroppedsignificantlyovertheearlymonthsof2020,butitsoaredin2022and2023.InFebruary2020,theinterestrateforbusinessloanswas4.06percentanditdroppedto2.8inSeptember2021.Theinterestrateremainedlowuntilearly2022,whenitbegan