The Big 10: Forbes list of the top 10 largest, best, and richest banks in Canada in 2023 today.
As the Canadian economy continues to grow, so too does the banking sector. With more and more banks popping up all over the country, it can be difficult to keep track of who is at the top of the heap. That’s why we’ve compiled a list of the Forbes top 10 largest and richest banks in Canada for 2023 today.
From the top 5 to the private banks in Canada, this list will give you an overview of who’s making the most money in the Canadian banking industry. From their total assets to their return on equity, we’ll take a look at what makes these banks the wealthiest and most successful in the country.
Currently, 83 banks are operating in Canada inclusive of local banks, branches, and subsidiaries of foreign banks.
The top 5 best banks in Canada 2023 are the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.
Which is the richest bank in Canada in 2023?
As of 2023, the Royal Bank of Canada which is a Canadian multinational financial services company is the richest in Canada. Besides that, the Royal Bank of Canada is also the largest in Canada with a market capitalization of $185 billion (2023).
Most importantly, the bank serves over 17 million clients and has more than 89,000 employees worldwide. In addition, the Royal Bank of Canada is on the list of the wealthiest companies in Canada right now.
So, let’s get started and take a look at the richest banks in Canada ranked by assets in billions of Canadian dollars.
Top 10 richest banks in Canada 2023 list
- Royal Bank of Canada. Total assets CA$1,842.10 billion. It’s the top strongest and largest bank in Canada in 2023 today.
- Toronto-Dominion Bank. Total assets CA$1,840.81 billion.
- Bank of Nova Scotia. Total assets CA$1,292.10 billion.
- Bank of Montreal. Total assets CA$1,068.30 billion.
- Canadian Imperial Bank of Commerce. Total assets CA$ 896.790 billion.
- Desjardins Group. Total assets CA$404.070 billion.
- National Bank of Canada. Total assets CA$387.051 billion. It’s the 6th largest commercial bank in Canada in 2023.
- HSBC Bank Canada. Total assets CA$135.037 billion.
- ATB Financial. Total assets CA$57.052 billion.
- Laurentian Bank of Canada. Total assets CA$49.796 billion.
The above Forbes list of the top 10 richest and largest banks in Canada in 2023 remain competitive in the ever-evolving banking landscape. However, there are also private banks in Canada like BMO Financial Group, Manulife Bank of Canada, Wealth One Bank of Canada, and Motus Bank that have dominated its market with high net worth.