RBC has larger market cap, but TD is Canada's most valuable brand

The latest analysis of brand value puts Canada's big five banks among top 10

RBC has larger market cap, but TD is Canada's most valuable brand
Steve Randall

Canada’s biggest banks don’t always achieve the highest levels of satisfaction among their customers, but they remain among the most valuable brands in the country according to a new analysis.

The annual Canada 100 ranking of the country’s most valuable brands by Brand Finance includes the five biggest banks by market cap in its Top 10, with the two biggest vying for the top spot. Out of the top 10 there are three brands that are not financial services related.

TD leads Canada’s most valuable brands with a brand value of $25.8 billion, having overtaken RBC last year. TD maintains its ranking despite a 6% decrease year-over-year while RBC gained 12% to $22.4 billion. TD also leads for sustainability, which the report calculates adds $1.76 billion to its brand value based on perceptions rather than actual sustainability performance.

BMO (unchanged at $14.6 billion), Scotiabank (down 11% to $14.4 billion), and CIBC (down 5% to 10.6 billion) are ranked 6th, 7th, and 10th respectively. Canada Life, Brookfield, Circle K, TELUS, and Bell complete the top 10.

Even as interest rates and slower growth has challenged Canadian firms, Laurence Newell, Managing Director, Brand Finance North America, said they have persevered.

"Remarkably, the total value of Canada's top 100 most valuable brands has seen a 4% increase, indicating resilience and adaptability in the face of adversity,” he said. “Banking remains the powerhouse sector in Canada, with the nine brands listed in the ranking collectively representing close to a third of the total brand value.”

Canadian banks also rank highly in the recently published global Brand Finance Banking 500 2024

Strongest brands

As well as brand value, the report assessed the strength of Canadian brands based on metrics including marketing investment, stakeholder equity, and business performance.

In this category, A&W is revealed as the strongest, while Canada Life, Intact, iA Financial, and Tim Hortons are also in the top 10.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. The full report including methodology is available on the Brand Finance website.