Best Canadian Bank Stocks
What You Should Know
- The Canadian banking system mainly consists of few large and diversified banks.
- These banks are safe and dependable compared to the US banks.
- Canadian banks have grown their dividend consistently over the past couple of decades.
Canadian banks are facing significant risk due to the Trump trade war. It can cause a decline in employment and GDP in Canada throughout 2025. As a result, Canadian banks would likely face negative credit migration and would have to increase their provision for credit losses (PCL) significantly.
Over the second half of 2024 and early 2025, the Bank of Canada (BoC) lowered its policy rate. This is generally bad for the banks' net interest margin (NIM). However, this effect has been chiefly negated by the normalization of the yield curve (As an inverted yield curve pushes NIM down). Interest rates were relatively high between 2023 and the first half of 2024. High interest rates tend to boost net interest margin (NIM) for banks, but on this occasion, the inversion of the yield curve and competition from online banks mostly negated this effect. As a result, NIMs were depressed between 2020 and 2024 relative to their pre-pandemic levels.
High rates put consumers and businesses under pressure. So, rising interest rates initially boost bank earnings by boosting NIM. Later, they may hurt bank earnings as the banks have to provision for credit losses (PCL). Throughout 2024, the banks faced higher levels of delinquency and writedown. Big banks have already boosted their allowance for credit losses (the money they have put aside for loans which could not be repaid). In fact, all of the Big Banks reached their highest-ever ACL level in Q1 2025, except for Scotiabank, which reached a 4-year high. Big banks handled these losses easily in part thanks to higher earnings in their wealth management and capital markets divisions.
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List of Top Canadian Bank Stocks
| Company | Market cap ($B) | Dividend Yield | P/E | P/B | |||
|---|---|---|---|---|---|---|---|
| $226B | 3.2% | 13.7 | 2.2 | ||||
| $148B | 5.2% | 9.8 | 1.4 | ||||
| $85.8B | 5.3% | 11.2 | 1.4 | ||||
| $101B | 4.6% | 12.3 | 1.2 | ||||
| $75.9B | 4% | 11.7 | 1.6 | ||||
| $45.8B | 3.1% | 13 | 2 | ||||
| Data from Morningstar on March 28, 2024. | |||||||
| Company | Total annual return | ||||||
|---|---|---|---|---|---|---|---|
| (1-year) | (5-year) | (10-year) | |||||
| 23% | 15% | 10% | |||||
| 9.2% | 11% | 7.9% | |||||
| 9.2% | 8.4% | 5.2% | |||||
| 15% | 19% | 9.2% | |||||
| 27% | 18% | 9% | |||||
| 17% | 16% | 8.7% | |||||
| Market capitalization and dividend yield are extracted from TMX, while returns are from Morningstar on 31 August 2022. P/E and P/B are from TMX on 2 September 2022. | |||||||
Royal Bank of Canada stock (RBC stock) and Toronto-Dominion Bank (TD stock) are the two most significant components of the S&P/TSX Composite Index, with 5.8% and 3.8%, respectively, of the index market cap while Bank of Montreal stock (BMO stock) is the 7th largest TSX stock with 2.6% of the index market cap, as of March 16, 2025. Further, the financial sector is the largest sector in the S&P/TSX Composite Index, weighing 33%. In addition to banking stocks, the Canadian financial sector includes Canadian insurance stocks and Canadian wealth management stocks. Thus, Canadian bank stocks, as critical components of the TSX index and, more importantly, as essential components of the Canadian economy, are worthy of specific attention. Canadian banks are known for their dependable and growing dividend income.
Source: WOWA
Source: WOWA
Reported Net Income by Canada’s 6 largest banks
| Net Income | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | FY2023 | FY2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RBC | $4,296 M | $3,892 M | $4,095 M | $4,253 M | $3,577 M | $3,882 M | $3,133 M | $3,680 M | $3,860 M | $3,939 M | $3,582 M | $3,950 M | $4,486 M | $4,222 M | $5,131 M | $14,612 M | $16,240 M | $17,789 M |
| TD | $3,545 M | $3,781 M | $3,733 M | $3,811 M | $3,214 M | $6,671 M | $1,581 M | $3,306 M | $2,881 M | $2,866 M | $2,824 M | $2,564 M | -$181 M | $3,635 M | $2,793 M | $10,634 M | $8,842 M | $8,811 M |
| Scotiabank | $2,542 M | $2,559 M | $2,740 M | $2,747 M | $2,594 M | $2,093 M | $1,758 M | $2,146 M | $2,192 M | $1,354 M | $2,199 M | $2,092 M | $1,912 M | $1,689 M | $993 M | $7,450 M | $7,892 M | $6,686 M |
| CIBC | $1,730 M | $1,440 M | $1,869 M | $1,523 M | $1,666 M | $1,185 M | $433 M | $1,689 M | $1,432 M | $1,485 M | $1,728 M | $1,749 M | $1,795 M | $1,882 M | $2,171 M | $5,039 M | $7,154 M | $7,597 M |
| BMO | $2,275 M | $2,159 M | $2,933 M | $4,756 M | $1,365 M | $1,185 M | $433 M | $1,689 M | $1,432 M | $1,485 M | $1,728 M | $1,749 M | $1,795 M | $1,882 M | $2,171 M | $4,437 M | $7,327 M | $8,173 M |
| National Bank | $839 M | $776 M | $932 M | $893 M | $826 M | $738 M | $876 M | $832 M | $830 M | $751 M | $922 M | $906 M | $1,033 M | $955 M | $997 M | $3,289 M | $3,816 M | $3,891 M |
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Source: WOWA
Source: WOWA
Source: WOWA
Historically, large and diversified banks under the watchful eyes of a single strong regulator make up Canada’s financial system. In comparison, the US financial system historically included many smaller banks supervised by several competing regulators. The system in the US has given rise to more robust securities markets and cheaper banking services. But those cheaper services have encouraged more risk-taking by US banks and frequent episodes of financial instability.
Large and diversified banks discussed here do not just offer chequing accounts, saving accounts, credit cards and GICs. They do foreign exchange operations, domestic money transfers and international money transfers; they offer advice and asset management, and they offer insurance.
Some exchange-traded funds enable one to invest in the Canadian banking sector. Among them, The BMO Equal Weight Banks Index ETF (ZEB), Hamilton Enhanced Canadian Bank ETF (HCAL), Hamilton Canadian Bank Mean Reversion Index ETF (HCA) and Covered Call Canadian Banks (ZWB) are noteworthy. The performance of these funds is charted on this page.
Royal Bank of Canada (RBC)
Royal Bank of Canada (RBC) As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | RY | |
| 50 Day Avg Vol. | 4.2 million | |
| Number of Shares | 1.41 billion | |
| Beta | 0.84 | |
| Return on Equity | 14.3% | |
| Return on Assets | 0.85% |
As of March 2025, RBC's stock is under pressure because of the ongoing trade war but looking long term it has demonstrated exceptional performance in recent history, boasting an annualized 10-year total return of 10%, which surpasses the 8.5% annualized 10-year total return of the TSX index (As of March 17, 2025). RBC’s adjusted earnings per share (EPS) were $3.26/share in Q3, 2024. As Canada's largest financial services institution by market capitalization, RBC traces its roots back to 1864 when it was founded in Halifax as 'the Merchants Bank of Halifax.'
Throughout the latter part of the 19th century, the Merchants Bank of Halifax embarked on a strategic expansion across the maritime provinces. Recognizing the need to extend its reach further, the bank underwent a pivotal name change in 1901, becoming Royal Bank of Canada (RBC), as it sought to establish a presence in western Canada. This expansion involved the establishment of new branches and strategic mergers with other financial institutions.
Today, RBC's corporate headquarters stand proudly at the Royal Bank Plaza, 200 Bay Street, Toronto, while its head office is located at Place Ville-Marie, situated at the intersection of University Street and René-Lévesque Boulevard in Montreal. Renowned as one of the world's systemically important banks, RBC operates not only within Canada but also extends its reach through subsidiaries in the United States and Caribbean countries, offering a range of personal banking services.
Among its subsidiaries, RBC Capital Markets serves as its investment and corporate banking arm, while RBC Dominion Securities operates as its brokerage division. With assets under management exceeding $1.3 trillion, RBC has solidified its position as a global financial powerhouse. Notably, in 1998, RBC pursued a merger with the Bank of Montreal, albeit unsuccessfully.
RBC’s modern corporate headquarters building in Toronto's financial district.
RBC boasts of approximately 95,000 employees and 18 million clients. At the same time, it has been criticized for being the world's fifth largest fossil fuel financier and the largest financier of fossil fuel development in Canada.
Over the fiscal year 2024, RBC achieved a net income of $16,240 million compared with a net income of $14,612 million over the fiscal year 2023 and $15,807 million over 2022. Personal & Commercial Banking accounted for 53% of the bank's income. Capital markets, wealth management, and insurance each contributed 26%, 16%, and 5%, respectively. Over the past five quarters, the deteriorating macroeconomic environment has made the bank put money aside for possible credit losses (the possibility that some advanced loans likely would not be paid back). This provision was the main factor in lowering the bank's earnings.
Toronto-Dominion Bank (TD)
Toronto-Dominion Bank (TD) As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | TD | |
| 3 Month Avg Vol. | 7.9 million | |
| Number of Shares | 1.75 billion | |
| Beta | 0.82 | |
| Return on Equity | 7.6% | |
| Return on Assets | 0.44% |
TD is currently struggling with the aftermath of $600M money laundering in its US operations. Those issues resulted in multiple regulators investigating TD, each imposing some punishment for Canada’s second-largest bank. TD pleaded guilty to money laundering and failing to prevent illegal transactions and paid US$3B in fines. Regulators are capping the assets of TD’s US retail operations and asking for costly changes in its operations. Large increases in compliance costs and a lack of growth in the US have caused TD’s valuation gap with RBC to widen over the past couple of years.
As a result of all these troubles, TD has engaged in a strategic review, retired (ousted) CEO Bharat Masrani, under whose 10-year tenure money laundering issues occurred and promoted Raymond Chun, head of its money-making Canadian division, to CEO. While the strategic review is ongoing, TD has already modified the balance sheet of its US subsidiary and sold its significant stake in Charles Schwab. As a result, the bank has a very strong capital and liquidity position. While the bank is working hard to address its AML shortcomings and resume growth, its stock price would likely remain under pressure until the current trade war in North America ends, and we also know more about the bank's strategy going forward.
Despite all the difficulties, TD stock has not been bad in recent history. Its annualized 10-year total return of 7.9% is only slightly less than the 8.5% 10-year annualized total return of the S&P/TSX index (as of 17 March 2025).
TD Bank Group is a diversified Canadian financial services company. In 1955, TD emerged from the amalgamation of two venerable institutions: the Bank of Toronto, established in 1855, and the Dominion Bank, which traced its roots back to 1869. Today, TD stands as Canada's preeminent bank in terms of assets under management and holds the status of a global systemically important financial institution.
Following the acquisition of Canada Trust in 1996, TD Canada Trust became the flagship brand for personal and commercial banking in Canada under the TD umbrella. Its reach extended beyond Canada's borders with TD Bank NA, a subsidiary operating in the United States.
In 1998, TD pursued a merger with CIBC, albeit without success. 2005 marked TD's entry into the US retail banking sector, which was marked by acquiring Banknorth, a prominent New England bank, for US$3.8 billion. Subsequent strategic moves included the divestment of its US brokerage business to Ameritrade in 2006 and the acquisition of Commerce Bancorp in 2007. In 2010, TD expanded its footprint further with the acquisitions of Riverside National Bank and the South Financial Group.
The expansion trajectory continued in 2011 with the acquisitions of Chrysler Financial Services and MBNA's Canadian credit card business. Notably, TD stood out during the tumultuous period of the Great Recession (2007-2009) as the sole major Canadian bank to maintain its Aaa credit rating.
In February 2022, TD made headlines with the announcement of its intention to acquire First Horizon Bank for $25 per share, amounting to a substantial $13.4 billion. This proposed acquisition, touted as potentially one of the largest US bank deals since the Great Recession, aimed to capitalize on First Horizon's extensive network of 1,560 branches across 22 states, positioning TD for significant growth in the US market.
However, regulatory hurdles delayed the anticipated closure of the deal because, at this time, regulators were investigating past AML failures of TD. TD had to pay a fee to First Horizon and walk away as it could not possibly get regulatory approval for this deal.
Toronto-Dominion Bank Tower (TD Tower), Toronto, Ontario, Canada
Also, TD sold 1.5% of Charles Schwab Corporation to buy the US brokerage firm Cowen for US$1.3 billion ($39 per share). The Cowan transaction closed in March 2023 and expanded TD’s wholesale banking business.
TD also has more than its fair share of controversy; this includes forcing a customer to refinance their mortgage in 60 days or face foreclosure. Its advisors also encourage customers to make inappropriate investments and increase their credit limit without their consent.
Bank of Nova Scotia (Scotiabank)
Bank of Nova Scotia (Scotiabank) As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | BNS | |
| 3 Month Avg Vol. | 4.6 million | |
| Number of Shares | 1.25 billion | |
| Beta | 1.0 | |
| Return on Equity | 8.0% | |
| Return on Assets | 0.47% |
Canada’s market for financial services feels saturated to its large banks. So TD and BMO have expanded into the much larger and more fragmented US market, while Scotiabank has expanded into the less penetrated but riskier Latin American market. Even in the Canadian home market, BNS seems more comfortable taking risks than its competitors. This strategy has not worked very well, and BNS is now investing more in the US and reorganizing its Latin American Investments.
Bank of Nova Scotia stock (BNS stock) has not performed particularly well in recent history compared with other large Canadian banks. As of 17 March 2025, its 10-year annualized total return of 5.2% is significantly lower than 8.5% for the S&P/TSX index.
Scotiabank is a diversified Canadian financial services company headquartered in Toronto. Scotiabank offers personal and commercial banking, wealth management, and corporate and investment banking to 25 million customers worldwide. Scotiabank was established in Halifax in 1832 and relocated to Toronto in 1900.
Scotiabank is one of 15 institutions participating in London gold price fixing. The bank expanded by opening branches in Canada, the US and the Caribbean until the Bank of New Brunswick was acquired in 1913 and Metropolitan Bank in 1914. In 1919, the bank amalgamated with the Bank of Ottawa.
In 1975, the Bank of Nova Scotia adopted Scotiabank as its brand name. Scotiabank is the first Canadian bank which got a licence for trading in Yuan. Scotiabank owns Thanachart Bank, which is the 6th largest bank in Thailand.
Historic Beaux-Arts headquarters of Bank of Nova Scotia (Scotiabank, 1951, architects Mathers and Haldenby) are located at 44 King Street West. TORONTO, CANADA
In 2012, Scotiabank acquired ING Direct Bank of Canada for $3.13 billion and later renamed it Tangerine. In 2015, the Bank of Nova Scotia bought Citigroup’s retail banking in Panama and Costa Rica. In 2019, Scotia sold its branches in Puerto Rico and the US Virgin Islands.
The main lines of business for Scotiabank are:
- Canadian Banking,
- International Banking,
- Global Wealth and Insurance (GWI) and
- Global Banking and Markets.
Bank of Montreal (BMO)
Bank of Montreal (BMO) As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | BMO | |
| 3 Month Avg Vol. | 2.9 million | |
| Number of Shares | 728 million | |
| Beta | 1.1 | |
| Return on Equity | 9.9% | |
| Return on Assets | 0.58% |
Bank of Montreal (BMO): A Historical Overview of a Modern Financial Powerhouse
Bank of Montreal (TSX: BMO) has outperformed Canada's TSX index over the past 10 years. For example, in Q1 2025, BMO reported adjusted earnings of $3.04/share, beating the expectation of $2.42
Historical Foundation and Evolution
Founded in 1817 by a group of merchants in Montreal, BMO holds the distinction of being Canada's oldest bank, reflected in its institution number 001. The bank officially changed its name to "Bank of Montreal" in 1822 when it went public. Though temporarily expelled from the Ontario market in 1824, BMO re-established its presence there in 1838 by acquiring the Bank of the People.
A significant geographical shift occurred in 1977 when BMO relocated its operational headquarters and executive offices from Montreal to Toronto's First Canadian Place on Bay Street, largely due to political uncertainty in Quebec.
Bank of Montreal Main Branch - a Pantheon-like building located on Place d'Armes in Old Montreal. This building is the centrepiece of BMO’s headquarters. Bank of Montreal is the oldest bank in Canada, founded in 1817. Montreal, Canada.
Strategic Acquisitions and Growth
BMO has expanded considerably through strategic acquisitions:
- 1984: Acquired Harris Bank (later rebranded as BMO Harris Bank)
- 1987: Purchased the stock brokerage Nesbitt, Thomson and Company
- 1995: Listed on the New York Stock Exchange
- 2009: Acquired AIG Life Insurance Company of Canada for $330 million, renaming it BMO Life Assurance Company
- 2010: Established BMO ChinaCo subsidiary in China
- 2015: Purchased GE Capital's transportation-finance unit
- 2019: Acquired Foreign & Colonial Investment Trust, renaming it BMO Commercial Property Trust
- 2022: Completed its largest acquisition to date, purchasing Bank of the West from BNP Paribas (Europe's second-largest bank after HSBC) for US$16.3 billion, effectively doubling its U.S. market presence
A planned merger with Royal Bank of Canada in 1998 was ultimately blocked by regulators. However, in 2000, BMO and RBC successfully combined their merchant payment processor businesses to form Moneris Solutions.
Current Organizational Structure
Today, BMO operates through three main divisions:
- Personal and Commercial Banking Group
- BMO Bank of Montreal (Canada)
- BMO Harris Bank (United States)
- BMO Capital Markets
- Investment and corporate banking division
- Wealth Management
- BMO Nesbitt Burns (full-service investment in Canada)
- BMO InvestorLine (self-directed investment platform in Canada)
- BMO Harris Investor Services (advisory services in the U.S.)
- BMO Private Banking (including Harris myCFO and Cedar Street Advisors)
Investment Highlights
BMO has earned a reputation as one of the best dividend stocks available, having maintained uninterrupted dividend payments since 1829—a remarkable track record spanning nearly two centuries. With significant operations across North America, BMO now ranks among the ten largest banks on the continent.
In the United States, BMO operates under the BMO Financial Group banner, which includes BMO Harris Bank. Following the Bank of the West acquisition, BMO has substantially strengthened its position in the U.S. financial services market.
Canadian Imperial Bank of Commerce (CIBC)
Canadian Imperial Bank As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | CM | |
| 3 Month Avg Vol. | 4.0 million | |
| Number of Shares | 940 million | |
| Beta | 1.1 | |
| Return on Equity | 13% | |
| Return on Assets | 0.74% |
Canadian Imperial Bank of Commerce (CIBC): A Comprehensive Overview
The Canadian Imperial Bank of Commerce (CIBC) stands as one of Canada's premier financial institutions, headquartered in the striking CIBC Square complex in downtown Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (incorporated 1873), CIBC has evolved into a global financial services provider with a significant presence across North America and beyond.
Core Business Segments
CIBC operates through four strategic business units:
- Canadian Personal and Business Banking
- Provides everyday banking services, lending products, and financial advice to individuals and small businesses across Canada. Accounts for 39% of net income.
- Canadian Commercial Banking and Wealth Management
- Serves mid-market companies, institutional clients, and high-net-worth individuals with specialized banking, investment, and wealth solutions. Accounts for 28% of net income.
- U.S. Commercial Banking and Wealth Management
- Delivers commercial banking, private wealth, and asset management services to U.S. clients. Accounts for 10% of net income.
- Capital Markets
- Offers integrated global markets products, investment banking advisory services, and top-ranked research to corporate, government, and institutional clients
Historical Milestones and Expansion
When CIBC formed in 1961 with its network of 1,200 branches, it briefly held the position as Canada's largest bank. The institution has consistently been at the forefront of banking innovation, introducing Canada's first 24-hour cash dispenser (the precursor to modern ATMs) in the 1960s.
The financial landscape in Canada transformed significantly in 1987 when regulatory changes permitted Canadian banks to expand into investment dealerships, insurance, and other financial services. CIBC quickly capitalized on this opportunity by acquiring the majority stake in Wood Gundy, a respected underwriter, in 1988. This acquisition eventually evolved through several iterations—CIBC Wood Gundy, CIBC Oppenheimer (1997), and finally CIBC World Markets.
Strategic Partnerships and Acquisitions
CIBC has strategically expanded through various partnerships and acquisitions:
- 1998: Partnered with Loblaws to create President's Choice (PC) Financial, a relationship that concluded in 2017
- 2017: Established Simplii Financial, absorbing all PC Financial assets into this direct banking subsidiary
- 2001: Acquired Juniper Financial Corporation (later sold to Barclays Bank in 2004)
- 2001: Merged Caribbean operations with Barclays to form FirstCaribbean International Bank
- 2006: Acquired Barclays' stake to become 92% owner of FirstCaribbean
- 2011: Rebranded the Caribbean subsidiary as CIBC FirstCaribbean International Bank
- 2017: Completed the US$3.8 billion acquisition of PrivateBancorp, rebranding it as CIBC Bank USA, which now operates across 13 states with particular concentration on the East Coast
A proposed merger with Toronto-Dominion Bank in 1998 was ultimately blocked by then-Finance Minister Paul Martin (who later became Prime Minister).
Challenges and Legal Issues
CIBC has faced several notable challenges and legal issues over the years:
- The bank has experienced occasional public disputes among its executive management
- CIBC faced successful employee lawsuits regarding unpaid overtime in violation of the Canada Labour Code
- In 2003, the Securities and Exchange Commission (SEC) levied an $80 million fine against CIBC for its role in the manipulation of Enron financial statements, with three CIBC executives facing separate SEC actions
- In 2005, CIBC paid US$2.4 billion to settle a class action lawsuit brought by pension funds and investment managers related to the Enron collapse
- That same year, CIBC agreed to pay US$125 million to resolve an SEC investigation into improper trading practices that boosted bank profits at the expense of long-term mutual fund investors
Despite these challenges, CIBC continues to be a major player in the Canadian banking sector, constantly evolving its business model to adapt to changing financial landscapes and customer needs.
National Bank of Canada
National Bank of Canada As of March 17, 2025 | Exchange | TSX, NYSE |
| Ticker Symbol | NA | |
| 3 Month Avg Vol. | 1.9 million | |
| Number of Shares | 391 million | |
| Beta | 1.1 | |
| Return on Equity | 15% | |
| Return on Assets | 0.85% |
National Bank of Canada is headquartered in Montreal, with branches in most provinces. Banque Nationale was created by an act of Quebec’s provincial legislature and was initially founded and controlled by francophones.
During the great depression, Banque Nationale was merged with Banque d’Hochelaga and Banque Canadienne Nationale (BCN) was formed. BCN was behind the first Canadian credit card called Chargex.
During the 1970s, the Provincial Bank of Canada, which was BCN’s rival, expanded by merging with the People’s Bank, the Unity Bank of Canada and the Laurentide Financial Corporation. In 1979, the Canadian National Bank and the Provincial Bank of Canada merged and formed the National Bank of Canada (NA). During the 1980s, it bought two brokerage firms of Lévesque Beaubien and Geoffrion Leclerc.
Since 1994, NA has had branches in the US. In 1999, NA bought the brokerage firm First Marathon and merged it with its subsidiary Lévesque Beaubien Geoffrion Inc to form the National Bank Financial (NBF), its investment banking subsidiary. Putnam Lovell was another investment bank that NA acquired and merged with NBF in 2002.
Later in the 2010s, NA acquired the ABA Bank of Cambodia. National Bank operations are still concentrated mainly in Quebec.
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