Hubert Rate Dropping to 1.85% on May 8th 2012! | Page 2 | Hubert Financial | Discussion forum

I think you'll find the efficiency number is non-interest expenses divided by (total revenue minus interest expenses). On that basis, Sunova was around 71% and 74% for 2009 and 2010 - about or a bit better than average for Canadian credit unions (75%), a bit worse than the Manitoba average (69%), and nowhere near as good as the best of them (Cambrian and Crosstown are around the 50% mark).

Sunova looks rather worse in 2011 (88%), but that's almost certainly a direct result of the three new branches - their occupancy and salary costs have gone up, but the new branches wouldn't be bringing in as much revenue yet as established ones. It is an investment, not a sign of deterioration as such.

I doubt any of this has much to do with the Hubert rates. If they have, say, $50 million in Hubert HISAs, that's only something like $6000/month for the extra 15 basis points between 1.85% and 2%. Unless the other Manitoba CUs are planning to follow down, I suspect Sunova is just jacking the rates around now that they've got what they consider a sufficient customer base from the original teaser rates.