What Are the Big Five Banks?

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

Below, we've ranked the five largest banks in Canada based on 澳洲幸运5官方开奖结果体彩网:assets under management.

1. Royal Bank of Canada

Royal Bank of Canada is the largest of the Big Five. In its 2025 first-quarter report, Royal Bank of Canada recorded total net assets under management of about CA$1.429 trillion. It also reported CA$7.948 billion of net interest income and CA$8.791 billion of non-interest income. 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 is the Toronto-Dominion Bank. As of their first quarter of fiscal 2025 (ending Jan. 31, 2025), Toronto-Dominion Bank reported total assets under management of over CA$568.5 billion. It reported net interest income of CA$7.881 billion and non-interest income of CA$6.183 billion.

3. Bank of Montreal

The Bank of Montreal is the next largest Canadian bank. In the firm's report for the first quarter of fiscal 2025 (ended Jan. 31, 2025), Bank of Montreal, or BMO, recorded total assets under management of about CA$450.6 billion. In this period, BMO reported CA$5.398 billion of net interest income and CA$3.868 billion of adjusted non-interest revenue. Notice that BMO reports non-interest revenue as opposed to non-inte🍷rest income like the previous two banks.

4. Canadian Imperial Bank of Commerce

In the first fiscal quarter of 2025, which ended Jan. 31, 2025, the Canadian Imperial Bank of Commerce recorded nearly CA$400.3 billion in assets under management. CIBC reported net interest income of CA$3.801 billion and net non-interest income of CA$3.480 billion.

5. Bank of Nova Scotia

The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada. In its 2025 first-quarter report (ended Jan. 31, 2025), Bank of Nova Scotia recorded over CA$395.5 billion in total assets under management. It also reported CA$5.173 billion in net interest income and CA$4.199 billion in non-interest income.

The Bottom Line

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