• Revenue(1A)
    ($ billions)
     
     2015: 7.4, 2016: 7.7, 2017: 8.4
  • Net income(1A)
    ($ billions)
     
    2015: 2.0, 2016: 2.2, 2017: 2.4
  • Efficiency ratio(1A)
    (%)
     
     2015: 53.9, 2016: 53.1, 2017: 51.9
  • Average loans and acceptances(1A)(2A)
    ($ billions)
    2015: 204.0, 2016: 219.8, 2017: 243.5
  • Average deposits(1A)
    ($ billions)
     
    2015: 141.9, 2016: 152.5, 2017: 162.9
(1A)
Certain prior period information has been reclassified to conform to the presentation adopted in the current year. See "External reporting changes" for additional details.
(2A)
Total average loans and acceptances includes FirstLine mortgages.

Results(1B)

Table of Results for Canadian Personal and Small Business Banking for the last three years from 2017 to 2015.
$ millions, for the year ended October 31 2017 2016(2B) 2015(2B)
Revenue
Personal and small business banking $ 8,033 $ 7,675 $ 7,286
Other 339 73 94
Total revenue 8,372 7,748 7,380
Provision for credit losses 766 736 664
Non-interest expenses 4,348 4,114 3,975
Income before income taxes 3,258 2,898 2,741
Income taxes 838 738 715
Net income $ 2,420 $ 2,160 $ 2,026
Net income attributable to:
Equity shareholders (a) $ 2,420 $ 2,160 $ 2,026
Efficiency ratio 51.9 % 53.1 % 53.9 %
Return on equity(3B) 64.3 % 58.7 % 63.2 %
Charge for economic capital(3B) (b) $ (367) $ (359) $ (385)
Economic profit(3B) (a+b) $ 2,053 $ 1,801 $ 1,641
Average assets ($ billions) $ 246.3 $ 222.6 $ 206.4
Average loans and acceptances ($ billions) $ 243.5 $ 219.8 $ 204.0
Average deposits ($ billions) $ 162.9 $ 152.5 $ 141.9
Full-time equivalent employees 14,709 15,501 16,582
(1B)
For additional segmented information, see Note 28 to the consolidated financial statements.
(2B)
Certain information has been reclassified to conform to the presentation adopted in the current year. See “External reporting changes” for additional details.
(3B)
For additional information, see the “Non-GAAP measures” section.

Financial overview

Net income was up $260 million or 12% from 2016, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Revenue in the current year included a gain on the sale and lease back of certain retail properties, shown as an item of note.

Revenue

Revenue was up $624 million or 8% from 2016.

Personal and small business banking revenue was up $358 million or 5%, primarily due to volume growth and higher fees, partially offset by narrower spreads.

Other revenue was up $266 million, primarily due to the gain noted above, partially offset by lower revenue from our exited FirstLine mortgage broker business.

Provision for credit losses

Provision for credit losses was up $30 million or 4% from 2016, primarily due to higher write-offs in the card and personal lending portfolios, and higher losses in the mortgage portfolio, partially offset by lower losses in the small business lending portfolio.

Non-interest expenses

Non-interest expenses were up $234 million or 6% from 2016, primarily due to fees and charges related to the launch of Simplii Financial and the related wind-down of President’s Choice Financial, shown as an item of note, and higher spending on other strategic initiatives that have accelerated our transformation into a modern, convenient and relationship-focused bank.

Income taxes

Income taxes were up $100 million or 14% from 2016, primarily due to higher income, partially offset by the impact of a lower effective tax rate on the gain noted above. The prior year included an income tax recovery from the settlement of transfer pricing-related matters, shown as an item of note.

Average assets

Average assets were up $23.7 billion or 11% from 2016 due to growth across all products.