Toronto-Dominion Bank (also known as TD Bank) is one of the leading banks in Canada, headquartered in Toronto, Ontario. In terms of total assets, TD Bank stands as the second-largest domestic bank in the country. In terms of market capitalization, TD Bank also ranked second in 2023, with its main competitor, Royal Bank of Canada (RBC),
. Although no Canadian bank ranks among the 15 largest banks in the world by total assets, both TD Bank and RBC feature among the 15
Which is TD Bank’s largest segment?
TD Bank offers a range of services, including Canadian retail banking, U.S. retail banking, wealth management and insurance, and wholesale banking. Their
largest revenue segment is domestic personal and commercial banking, followed by U.S. retail banking, while wholesale banking represents their smallest segment. In 2023, more than one-third of the bank’s
total revenues, approximately 50 billion Canadian dollars, were generated in the Canadian personal and commercial banking segment, and around one-fourth came from U.S. retail banking. Within the Canadian retail banking segment, their
personal banking businesses, which includes deposits, mortgages, consumer lending, credit cards and payments, and auto finance - generated the largest revenues.
The banking industry in Canada
The personal and corporate banking industry in Canada is marked by intense competition, primarily led by five major domestic chartered banks. These banks, including TD Bank, are Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BoM), and Canadian Imperial Bank of Commerce (CIBC), collectively known as
Canada’s “Big Five”. In addition to these prominent institutions, international banks, sizable regional banks, and newly established digital banks also contribute to the competitive landscape of the Canadian banking sector.
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