Bank of Montreal tops the performance table

A big shake-up occurred in the Canadian banking sector in 2022, with TD overtaking RBC as the biggest bank by Tier 1. However, it is BMO that comes up trumps in performance. Joy Macknight reports.

by Joy Macknight

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After a 16-year reign as the biggest bank in Canada by Tier 1 capital, Royal Bank of Canada (RBC) has been surpassed by rival TD Bank Group, which expanded its core capital by 13.7% to reach $69.4bn. TD is also the biggest lender by total assets for the third year running.

While the Canadian banking sector remained robust throughout the Covid-19 pandemic, which many attribute to the banks’ diverse business models as well as government support, 2022 was a mixed year for lenders, not least because of the strong US dollar, interest rate rises, inflation and economic slowdown.

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Joy Macknight

Joy Macknight is the editor of The Banker. She joined the publication in 2015 as transaction banking and technology editor. Previously, she was features editor at Profit & Loss, editorial director at Treasury Today and editor at gtnews. She also worked as a staff writer on Banking Technology and IBM Computer Today, as well as a freelancer on Computer Weekly. She has a BSc from the University of Victoria, Canada.

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