The Big Five: Here Are Canada's Largest Banks by Total Assets

What Are the Big Five Banks?

The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and Toronto-Dominion Bank. Occasionally, the term "Big Six Banks" is used, with the sixth bank referring to the National Bank of Canada.

1. Royal Bank of Canada

Royal Bank of Canada is the largest of the Big Five. In its Q3 2023 quarterly reporting, Royal Bank of Canada reported total net assets under management of CA$1.957 trillion. It also reported CA$6.2 billion of net interest income, CA$8.2 billion of non-interest income, and CA$3.8 billion of net income available to common shareholders. Royal Bank of Canada has over 17 million clients worldwide, over 97,000 full-time employees and over 1,300 branches. Founded in 1864 in Halifax, Nova Scotia, the bank financed the lumber and timber industries. It was known as the Merchants Bank of Halifax.

2. Toronto-Dominion Bank

The second-largest bank in Canada, the Toronto-Dominion Bank recently has the most assets, though it was recently overtaken by Royal Bank of Canada. As of July 31, 2023, Toronto-Dominion Bank has total assets under management of just under CA$1.9 trillion, with just over CA$1.1 trillion of this being deposits. TD Canada Trust, the customer-focused personal and small business banking arm, served more than 13.5 million customers nationally at the end of 2022.

3. Bank of Nova Scotia

The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada with Q2 2023 net income of CA$2.2 billion. Of this, CA$4.5 billion was due to net interest income, while $3.5 billion was due to non-interest income. The company also incurred CA$4.6 billion in non-interest expenses during the quarter. At the end of 2022, Bank of Nova Scotia owned CA$1.349 trillion of total assets under management. The firm reported 90,979 full-time employees on its 2022 annual report working across nearly 2,400 branches.

4. Bank of Montreal

The Bank of Montreal is the next largest Canadian bank. In the firm's 2022 annual report, Banko of Montreal, or BMO, reported total assets under management of CA$1.1 trillion. Established in 1817, the firm employed $46,722 people at the end of 2022 across 1,383 branches. The company also had 4,717 ATMs across the world. In its Q2 2023 reporting, BMO reported CA$4.8 billion of interest income, CA$3.6 billion of non-interest income, and CA$5.6 billion of non-interest expenses. The firm's ultimate net income for the quarter was CA$2.26 billion.

5. Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce has CA$944 billion in assets and employed 50,427 employees at the end of 2022. The bank also boasts having 13 million clients at the end of the year, roughly one-third of which used Canadian Personal and Business Banking with another one-third using its Canadian Commercial Banking and Wealth Management services. CIBC reported gross revenue of CA$5.7 billion in Q2 2023 along with net income of CA$1.6 billion.

The Bottom Line

Though their financial health and positioning may vary from year to year, Canada has five largest, established banks that control the financial industry in the country. These largest banks include Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).