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Between 2008 and the first quarter of 2025, all the hikes in the cost-to-income ratio of the leading European countries' banking industries represent certain economic issues. The cost-to-income ratio (CIR) is calculated by dividing the operating expenses of a company by the operating income, and it is a key financial measure when valuing banks. The lower the ratio, the more profitable a bank—or, in this case, the banking industry—is. In 2008, the banking industries were still feeling the effect of the global financial crisis. The next sudden increase took place between 2010 and 2012 as a result of the Euro area recession. COVID-19 caused another drastic increase, but the banking industries seemed to recover in 2021. The first quarter of 2022 started with a sharp increase for Germany, while other leading European countries experienced only a slight increase in the second quarter of 2022. As of the first quarter of 2025, Germany's cost-to-income ratio stands at , France's at , Italy's at , and Spain's at .