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When it comes to retail deposits as a percentage of total deposits CIBC ranks second at 42 per cent, followed by National Bank of Canada at 36 per cent, BMO at 34 per cent, and then both Royal Bank of Canada and Scotiabank at 33 per cent.

As for retail deposits as a percentage of total assets, behind TD is CIBC at 30 per cent, BMO at 24 per cent, Scotiabank at 22 per cent, and National Bank and RBC at 21 per cent.

Sedran also considered where banks get their revenues, since more net interest income (NII) means more exposure to lending and borrowing.

TD tops the list again, with 59 per cent of total revenue coming from lending NII, followed by Scotiabank, CIBC, BMO, RBC and National Bank.

And since the Canadian banks with significant exposure to the U.S. generate nearly half of their rate sensitivity from climbing rates south of the border, Sedran also thinks it’s worthwhile to look at those exposures.

National Bank, for example, saw lending NII in Canada contribute 40 per cent of its total revenue in fiscal 2016, and CIBC was even higher at 48 per cent. However, neither had any contribution from the U.S., while BMO had a 20 per cent contribution and TD was at 22 per cent.

All things considered, Sedran expects a five bps increase in Canadian personal and commercial banking net interest margins will boost earnings for the Big Six banks by an average of two per cent.

The analyst also noted that the smaller regional banks – Canadian Western Bank and Laurentian Bank – stand to see the biggest boost, as 89 per cent and 65 per cent of their total revenues, respectively, are attributed to Canadian lending NII.

Any way you slice it, with the BoC poised to hike rates more than once this year, the margin outlook has shifted from a possible headwind to a potential tailwind.

“Hardly a game changer,” as Sedran put it, but another positive in what was already a pretty good operating environment for most of Canadian banks’ businesses, isn’t something that should be overlooked.