Top 10 Largest Banks in Canada by Total Assets (Updated)
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| Top Biggest Banks in Canada by Assets Today |
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What Are the Big Five or Big Six Banks in Canada Today?
These top five banks (or big six banks, if you include National Bank) serve millions of customers every year. These top Canadian banks offer a vast array of financial services to both individuals and businesses, and they also boast the biggest ATM networks in the nation.
The five largest banks in Canada are Toronto-Dominion Bank, Royal Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, and Bank of Nova Scotia.
Sometimes the term "Big Six Banks" is used to refer to the six banks, including the National Bank of Canada.
When you bank with these major Canadian banks, you have access to a range of financial products, including savings and checking accounts. However, due to National Bank's size and growth, the term "big five banks" eventually became "big six banks" due to widespread usage.
Whether it's one of the big five or big six, the vast majority of Canadians still bank with these large Canadian banks. According to a recent Finder survey of over 1,850 Canadians, more than half (55%) planned to open an account at one of the big five banks in 2023. To find out the advantages and disadvantages of banking with one of the big five banks (or big six banks), check out this comparison of the largest and possibly best banks in Canada.
To be listed as one of the "big five" or "big six" banks, these financial institutions must be assessed and contrasted based on their market capitalization. Market capitalization, sometimes referred to as market cap, is the total of all the assets that the bank owns and is in charge of. It is similar to the market capitalization analysis used in stock analysis.
Check more: Top 10 Biggest Financial Companies In Canada By Market Cap
Banking System in Canada Today
The five different categories of financial institutions in Canada are chartered banks, trust and loan companies, cooperative credit movements, life insurance companies, and securities dealers. These organizations manage assets worth more than C$4.6 trillion as a group. The fundamental financial system of Canada is renowned for its effectiveness and efficiency throughout the world. The nation is now home to some of the top multinational banks in the world. The excellent financial system in Canada is made possible by both responsible government actions and the work of committed organizations.
On a global level, Canada's financial industry frequently receives recognition and praise. A well-known independent financial organization consistently ranked Canada's banking system as the world's most secure from 2007 to 2013 for six years in a row. The ranking of the world's financial systems includes a significant number of Canadian banks. On the 2019 list of the world's safest banks published by Global Finance magazine, the Canadian bank Caisse des Dépôts et Consignations came in at number 11. RBC (Royal Bank of Canada), another Canadian financial institution, was ranked twelve.
In terms of global ATM penetration, Canada comes in third place with roughly 18,000 ATMs spread out across the nation, behind only Macau and South Korea. In Canada, there are 220.6 ATMs per 100,000 people. This demonstrates improved security and convenience for bank customers. President Barack Obama claimed that Canada's financial system may be better managed than that of the United States while in Canada. The financial industry in Canada has been dubbed the "envy of the world" by both The Financial Times and The Guardian.
Check more: Top 10 Biggest Credit Unions in Canada by Total Assets
The Banking Structure of Canada
There are 88 banks in total in Canada, and there are 5,907 bank branches spread out across the nation. Despite the weaker government's support, the Canadian banking system is robust, and financial institutions can be categorized into five main categories:
Chartered Banks
The Cooperative Credit Movement
Life Insurance Companies
Trust and Loan Companies
Security Dealers
There are five national banks in Canada - “Big Five.”
Top 10 Largest Banks in Canada by Total Assets (Updated)
1. Royal Bank of Canada
Of the Big Five, Royal Bank of Canada is the biggest. The Royal Bank of Canada reported total net assets under management of CA$1.957 trillion in its third quarter 2023 report. Additionally, it disclosed net income available to common shareholders of CA$3.8 billion, CA$6.2 billion in net interest income, and CA$8.2 billion in non-interest income.1 Over 1,300 branches, over 97,000 full-time staff members, and over 17 million customers worldwide make up Royal Bank of Canada.2 The lumber and timber industries were funded by the bank, which was established in Halifax, Nova Scotia, in 1864. It was referred to as the Halifax Merchants Bank.
2. Toronto-Dominion Bank
The Toronto-Dominion Bank, Canada's second-largest bank, used to have the most assets, but Royal Bank of Canada recently overtook it. On July 31st, 2023, Toronto-Dominion Bank had assets under management totaling just under CA$1.9 trillion, of which deposits made up just over CA$1.1 trillion. By the end of 2022, TD Canada Trust's personal and small business banking division had more than 13.5 million customers nationwide.
3. Bank of Nova Scotia
With a net income of CA$2.2 billion for the second quarter of 2023, The Bank of Nova Scotia, or Scotiabank, is the second-largest bank in Canada. Of this, net interest income accounted for CA$4.5 billion, while non-interest income accounted for CA$3.5 billion. During the quarter, the company also racked up non-interest expenses totaling CA$4.6 billion.5 The total assets managed by Bank of Nova Scotia at the end of 2022 were CA$1.349 trillion. On its annual report for 2022, the company listed 90,979 full-time employees who were spread across nearly 2,400 branches.
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4. Bank of Montreal
The next biggest bank in Canada is Bank of Montreal. Bank of Montreal, or BMO, stated that it had CA$1.1 trillion in total assets under management in its 2022 annual report. The company, which was founded in 1817, had 1,383 branches and employed $46,722 people as of the end of 2022. Additionally, the business operated 4,717 ATMs worldwide.7 BMO reported interest income of CA$4.8 billion, non-interest income of CA$3.6 billion, and non-interest expenses of CA$5.6 billion for Q2 2023. Total net income for the company for the quarter was CA$2.26 billion.
5. Canadian Imperial Bank of Commerce
At the end of 2022, the Canadian Imperial Bank of Commerce employed 50,427 people and had assets worth CA$944 billion. The bank also boasts of having 13 million customers at the end of the year, of which about a third used Canadian Personal and Business Banking and a similar proportion used Canadian Commercial Banking and Wealth Management services.9 In Q2 2023, CIBC reported gross sales of CA$5.7 billion and net income of CA$1.6 billion.
6. National Bank of Canada
The sixth-largest commercial bank in Canada is the National Bank of Canada. Its headquarters are in Montreal, and it serves 2.4 million private clients and has branches in the majority of Canadian provinces.The second-largest financial institution in the province after Desjardins credit union is National Bank, which is the largest bank in Quebec. The National Bank's SWIFT code is BNDCCAMMINT, and its Institution Number is 006.
After Wealthsimple introduced it first in August 2021, National Bank brokerage became the second financial institution in Canada to provide free online direct brokerage.
In Canada, National Bank operated a network of 939 automated teller machines and 422 branches as of October 31, 2019.Additionally, it maintained subsidiaries, partnerships, and representative offices overseas through which it provided services to both domestic and international customers. Owned by it is Cambodia's ABA Bank.
The majority of National Bank's business is in Quebec, but it is also growing in other provinces.
On Bloomberg's list of "The World's Strongest Banks" in 2011, National Bank came in third place. In 2018, Go Back Finance's list of the 50 strongest banks ranked National Bank at number 41.
• National Bank Of Canada total assets for the quarter ending April 30, 2023 were $307.875B, a 5.48% increase year-over-year.
• National Bank Of Canada total assets for 2022 were $313.625B, a 10.84% increase from 2021.
• National Bank Of Canada total assets for 2021 were $282.964B, a 14.7% increase from 2020.
• National Bank Of Canada total assets for 2020 were $246.696B, a 16.49% increase from 2019.
7. Desjardins Group
The Levis, Quebec-based Desjardins Group was founded in 1900 and has its main offices there. The largest bank in the cooperative group is Desjardins Group. Property and Casualty Insurance, Wealth Management, Life and Health Insurance, and Personal Services and Business Services make up its four main business segments. Of the total assets, it has handled about C$275.10 billion. In 2017, the Desjardins Group's operating income was approximately C$15,413 million. Desjardins Group's net income that year was approximately C$2,151 million. About 47,655 people work there.
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8. HSBC Bank of Canada
The head office of HSBC Bank of Canada is located in Vancouver, and it was founded in 1981. Regarding asset control, HSBC Bank of Canada has climbed to the eighth position. It runs through three main business sectors:
Commercial Banking
Retail Banking and Wealth Management
Global Banking and Markets.
It has handled around C$95.810 billion of the total assets. It employs around 6,000 employees.
9. Canadian Western Bank
The Edmonton-based Canadian Western Bank was founded in 1988 and has its main offices there. The only Schedule One bank in Canada that focuses on mid-market commercial banking, Canadian Western Bank, has climbed to the tenth position in asset controlling. Of the total assets, it has handled about C$29,021.46 million. In 2018, Canadian Western Bank brought in about C$755.10 million in revenue. The Canadian Western Bank's net income that year was roughly C$263.51 million. Around 2,000 people work there.
10. Laurentian Bank of Canada
Its headquarters are in Montreal, where it was founded in 1846. Regarding asset control, Laurentian Bank of Canada is ranked ninth. This bank offers services to individuals, small and medium-sized businesses, and independent advisors. It provides a variety of services and investment-related goods, such as mutual funds, indexed investments, registered plans, systematic savings plans, retirement projection plans, and guaranteed investment certificates. About C$45.89 billion of the total assets have been handled by it.
In 2018, Laurentian Bank of Canada made roughly C$0.99 billion in revenue. The Laurentian Bank of Canada's net income that year was roughly C$0.224 billion. Around 3,600 people work there.
FAQs
What Is the Biggest Bank in Canada 2023?
Of the Big Five, Royal Bank of Canada is the biggest. The Royal Bank of Canada reported total net assets under management of CA$1.957 trillion in its third quarter 2023 report.
Toronto-Dominion Bank (TD Bank), closely followed by the Royal Bank of Canada (RBC), was the biggest bank in Canada in 2022, with total assets of close to 1.92 trillion Canadian dollars. These banks' revenues grew steadily between 2015 and 2021, showing that Canada's banking industry is expanding.
What Services Do Canada's Largest Banks Offer?
The biggest banks in this article's list provide a variety of services, including personal and business banking, investment services, home loans, business loans, credit cards, and insurance products. They provide for a range of financial requirements of both people and companies.
Do These Banks Have International Branches or Services?
Yes. To reach the size of these largest Canadian banks, these firms have international branches and offer international banking services. Some have partnerships with foreign banks to provide international services. Others simply seek those wishing to perform international business or carry Canadian deposits.
Why Are the Largest Banks in Canada Called the "Big Five"?
The "Big Five" refers to the top five Canadian banks collectively due to their dominance and significant influence within the nation's banking and financial sector. This phrase has been used for many years to describe these significant banks and emphasizes their sizeable market share and influence on the Canadian economy.
Which is the most profitable Canadian bank?
The two biggest banks in Canada are without a doubt Royal Bank of Canada and Toronto-Dominion Bank. There is a close race between the two of them for the top spot in Canada, and there are many different ways to gauge a bank's success and profitability. Even though Toronto-Dominion had a larger market cap than Royal Bank of Canada in 2022, the latter had a larger total asset base, with Royal Bank of Canada closely behind. Other KPIs, such as revenue and net income, place Toronto-Dominion in first place as of 2022.Which Canadian bank has the most customers?
Toronto-Dominion Bank had the most clients among the Big Five as of 2022. They had 10 million more customers than the Royal Bank of Canada. In actuality, Bank of Nova Scotia had the second-highest number of customers among the five banks, surpassing Royal Bank of Canada. In addition, Toronto-Dominion Bank had the most mobile customers (15 million), followed by Royal Bank of Canada and Bank of Nova Scotia with 8.2 and 8.9 million and 8.2 million, respectively, respectively. However, having the most clients is not everything. According to a ranking of client satisfaction, Toronto-Dominion Bank was ranked fifth in 2022, while Royal Bank of Canada and Bank of Montreal received the highest scores.
Top 5 Biggest Banks in Canada by Market CapComparing the remaining big five banks in Canada, RBC and TD Bank have the highest market capitalizations. Both brands were far ahead of third-place BMO, despite the fact that RBC and TD frequently appear to switch the top two positions (the most recent change occurred in March 2023). No matter which of the big five banks you choose, all eligible deposits up to $100,000 are covered by CDIC deposit insurance, which applies to all regulated banking and fintech companies operating in Canada. |
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| Largest Banks in Canada, by Market Cap |
Bottom Line
The Canadian Bankers Association (CBA) is one of the oldest organizations in Canada, having begun in 1891. Canadian Bankers Association is a trade group and lobbying group representing Canada's banking industry. There are more than 60 foreign and domestic banks in Canada, employing over 275,000 people. Banks, banking concerns, governments, and other organizations all have a single point of contact in the CBA. In addition, it pushes for laws and regulations that will help Canada's economy thrive.
The recent economic success of Canada can be attributed in large part to the country's reliable monetary policy. Foreign investors are attracted to countries with secure financial systems, and this helps grow the economy and the country's standing in the world.
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