Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 9.2 % over the past five years, to reach an estimated $441.4bn in 2024.
Trends and Insights
The Bank of Canada increases interest rates to control rampant inflation
- The lingering supply chain issues and global energy crisis have created historically high inflation.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The Bank of Canada's fight against inflation means volatile interest rates for the immediate future
- As high inflation continues to plague the Canadian economy, the Bank of Canada has indicated it will maintain high interest rates at the onset of the outlook period.
Biggest companies in the Commercial Banking in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Toronto-Dominion Bank | 59,513.0 | 10,737.0 | 18.0 | |
Royal Bank of Canada | 58,698.6 | 4,239.5 | 7.2 | |
Scotiabank | 41,706.8 | 7,223.7 | 17.3 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Mortgage loans, Consumer loans and Business loans. Mortgage loans is the largest segment of the Commercial Banking in Canada.
Trends and Insights
Mortgage loans have grown and account for an important share of revenue
- Most of these loans are residential mortgages which are often taken out by families to secure homes, while a few of these loans are taken out for nonresidential structures, such as office buildings and retail storefronts.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Operators in the Commercial Banking industry in Canada provide financial services to retail and business clients in the form of commercial, industrial and consumer loans. Banks also accept deposits from customers, which are used as a source of funding for the loans. Banks in this industry include those that are regulated by the Office of the Superintendent of Financial Institutions.
What's included in this industry?
Providing home equity loans and lines of creditProviding automobile loansProviding real estate secured lendingProviding personal deposit productsProviding business banking servicesCompanies
Toronto-Dominion BankRoyal Bank of CanadaScotiabankPurchase this report to view all 6 major companies in this industry.
Related Terms
ALLOWANCES FOR LOAN LOSSESLOAN DEFAULTBIG SIXIndustry Code
NAICS 52211 - Commercial Banking in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Higher interest rates are a double-edged sword for commercial banks. On one hand, higher rates typically lead to higher net interest income. On the other, higher rates reduce...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Residential mortgages are the single-largest product line for commercial banks and have been in high demand over the past five years. Higher interest rates are likely to redu...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Royal Bank of Canada, Toronto-Dominion Bank, the Canadian Imperial Bank of Commerce and Scotiabank are all headquartered in Toronto. This reflects the fact that Ontario h...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competition is heating up between commercial banks and other depository and non-depository credit intermediation firms. Financial technology firms can offer individuals highe...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Canada’s commercial banks are investing heavily into their digital infrastructures. The pandemic has completely changed the way retail and commercial consumers bank and finan...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Toronto-Dominion Bank's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Royal Bank of Canada's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Scotiabank's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 3 additional companies
Detailed analysis
- Description and key data for Toronto-Dominion Bank, and factors influencing its performance in the industry
- Description and key data for Royal Bank of Canada, and factors influencing its performance in the industry
- Description and key data for Scotiabank, and factors influencing its performance in the industry
- Description, key data and performance trends for 3 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Financial services are highly regulated and several new regulations have been stemmed from global financial crises. The government wants to ensure economic crises don’t arise...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Industry profit has climbed as operators have benefitted from growing investment income to the high interest rate environment. Greater investment income is set to continue as...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Commercial Banking industry in Canada in 2024?
The market size of the Commercial Banking industry in Canada is $441.4bn in 2024.
How many businesses are there in the Commercial Banking in Canada industry in 2024?
There are 107 businesses in the Commercial Banking industry in Canada, which has grown at a CAGR of 4.0 % between 2019 and 2024.
Has the Commercial Banking industry in Canada grown or declined over the past 5 years?
The market size of the Commercial Banking industry in Canada has been growing at a CAGR of 9.2 % between 2019 and 2024.
What is the forecast growth of the Commercial Banking industry in Canada over the next 5 years?
Over the next five years, the Commercial Banking industry in Canada is expected to grow.
What are the biggest companies in the Commercial Banking market in Canada?
The biggest companies operating in the Commercial Banking market in Canada are Toronto-Dominion Bank, Royal Bank of Canada and Scotiabank
What does the Commercial Banking in Canada include?
Providing home equity loans and lines of credit and Providing automobile loans are part of the Commercial Banking industry.
Which companies have the highest market share in the Commercial Banking in Canada?
The company holding the most market share in Canada is Toronto-Dominion Bank.
How competitive is the Commercial Banking industry in Canada?
The level of competition is high and increasing in the Commercial Banking industry in Canada.
Related Industries
Widen your competitive advantage with related industries
Competitors
- Credit Unions in Canada
- Loan Administration, Cheque Cashing & Other Services in Canada
Complementors
- Apartment & Condominium Construction in Canada
- Insurance Brokers & Agencies in Canada
International industries
- Global Commercial Banks
- Commercial Banking in the US
- Private Banking Services in the US
- National and Regional Commercial Banks in Australia
- Foreign Banks in Australia
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
