The banking industry in Canada is dominated by the five largest banks in the country: Toronto-Dominion Bank (TD Bank), Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). These five banks make up Canada's “Big Five” in the banking industry. Two of them, RBC and TD Bank, are even among the largest banks in the world in terms of market capitalization.
Which is the most profitable Canadian bank?
RBC and TD Bank are undeniably the two largest banks in the country. There is a tight race between the two of them for the leading position, and a bank’s success and profitability can be measured in several ways. In 2023, RBC performed better than TD Bank, which led RBC to the top position in most profitability indicators. RBC had more assets, higher market capitalization, revenue, net income, return on equity (ROE), and return on assets (ROA). TD Bank ranked second in all indicators, except for ROE and ROA. In terms of ROE, Scotiabank reported the second highest value, while TD Bank only ranked fifth.
Which Canadian bank has the most customers?
Despite losing the leading position in most profitability measures, TD Bank had the highest number of customers among the Big Five. Their customer base was more than 10 million higher than RBC's. In fact, Scotiabank had more customers than RBC, with the second highest base among the five banks. Nevertheless, having the most customers is not everything. According to a customer satisfaction ranking, RBC received the highest customer satisfaction score in 2023, alongside BMO, while TD Bank ranked fifth.
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