With total assets amounting to more than two trillion Canadian dollars, the Royal Bank of Canada (RBC) was the largest bank in Canada in 2023, closely followed by the Toronto-Dominion Bank (TD Bank). The revenues of these banks increased steadily between 2015 and 2023, indicating a stable and profitable banking industry in the country.
The Canadian Banking industry
Canada is a large, diverse country, and the domestic banks provide several different banking services: retail banking, investment banking, corporate banking and private banking. In retail banking, also known as consumer banking, which refers to banking services to individuals and non-corporate customers, RBC received the highest customer satisfaction in 2023, followed by Bank of Montreal.
Canadian banks from a global perspective
The two largest Canadian banks - RBC and TD Bank - were not only the largest banks in Canada but were also among the largest banks in the world, following a range of U.S. and China-based banks. In 2023, the largest bank in the world by market capitalization was JPMorgan Chase.
Largest banks in Canada in 2023, by total assets
(in billion Canadian dollars)
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Statista. (January 11, 2024). Largest banks in Canada in 2023, by total assets (in billion Canadian dollars) [Graph]. In Statista. Retrieved December 12, 2024, from https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/
Statista. "Largest banks in Canada in 2023, by total assets (in billion Canadian dollars)." Chart. January 11, 2024. Statista. Accessed December 12, 2024. https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/
Statista. (2024). Largest banks in Canada in 2023, by total assets (in billion Canadian dollars). Statista. Statista Inc.. Accessed: December 12, 2024. https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/
Statista. "Largest Banks in Canada in 2023, by Total Assets (in Billion Canadian Dollars)." Statista, Statista Inc., 11 Jan 2024, https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/
Statista, Largest banks in Canada in 2023, by total assets (in billion Canadian dollars) Statista, https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/ (last visited December 12, 2024)
Largest banks in Canada in 2023, by total assets (in billion Canadian dollars) [Graph], Statista, January 11, 2024. [Online]. Available: https://www.statista.com/statistics/434554/leading-banks-in-canada-assets/