Largest banks in Canada - statistics & facts

The banking industry in Canada is dominated by the five largest banks in the country: Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. These five banks make up Canada's “Big Five” in the banking industry. Two of them, Royal Bank of Canada and Toronto-Dominion Bank, are even among the largest banks in the world in terms of market capitalization.

Which is the most profitable Canadian bank?

Royal Bank of Canada and Toronto-Dominion Bank are undeniably the largest two banks in the country. There is a tight race between the two of them for the leading position in Canada, and a bank’s success and profitability can be measured in several ways. While Royal Bank of Canada had a higher market cap than Toronto-Dominion in 2022, the latter mentioned had higher total assets, although Royal Bank of Canada followed close behind. According to other KPIs, such as revenue and net income, Toronto-Dominion took the lead in 2022.

Which Canadian bank has the most customers?

As of 2022, Toronto-Dominion Bank had the most customers among the Big Five. Their customer number was 10 million higher than Royal Bank of Canada’s. In fact, Bank of Nova Scotia had more customers than Royal Bank of Canada, with the second highest among the five banks. Toronto-Dominion Bank also had the highest number of mobile customers, while Royal Bank of Canada and Bank of Nova Scotia ranked second and third, with around 8.2 and 8.9 million mobile customers, respectively, compared to Toronto-Dominion’s 15 million. Nevertheless, having the most customers is not everything: according to a customer satisfaction ranking, Royal Bank of Canada received the highest customer satisfaction score in 2022, alongside Bank of Montreal, while Toronto-Dominion Bank ranked fifth.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 31, 2023

Key insights

Largest bank in Canada by total assets
Toronto-Dominion Bank
Largest bank in Canada by market cap
Royal Bank of Canada
Canadian bank with most employees
Toronto-Dominion Bank
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Editor’s Picks Current statistics on this topic

Largest banks in Canada in 2022, by total assets (in billion Canadian dollars)

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Leading banks in Canada 2022, by assets

Market capitalization of the largest banks in Canada in 2022 (in billion Canadian dollars)

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Market capitalization of largest Canadian banks 2022

Largest banks worldwide as of December 2022, by market capitalization (in billion U.S. dollars)

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Largest banks globally 2022, by market capitalization

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Toronto-Dominion Bank
Banking industry in Canada
Banking industry in Canada
The global bank customer satisfaction survey
The global bank customer satisfaction survey
Largest banks in Europe
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Digital challenger banks
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