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Best Canadian bank stocks

EQ Bank, National Bank and RBC top our list of the 10 best bank stocks in Canada.

Canada’s banking and finance sector is a robust industry. If you’re not sure which bank stocks in Canada may be worth your investment, start your research with this list of the 10 best Canadian bank stocks as flagged by Finder’s proprietary algorithm.

Canadian bank stocks to watch in 2024


Equitable Group Inc. (EQB.TO)

EQB Inc., through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada. The company accepts term deposits and guaranteed investment certificates, high interest savings accounts, institutional deposit notes and covered bonds, as well as specialized financing solutions.
  • Market cap: C$3.267 billion
  • YTD performance: -15.02%
  • 1 Year performance: 49.31%
  • 5 Year performance: 88.91%
  • P/E Ratio: 9.1901
  • Headquarters: Canada

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National Bank of Canada (NA.TO)

National Bank of Canada provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S.
  • Market cap: C$38.045 billion
  • YTD performance: 55.75%
  • 1 Year performance: 31.74%
  • 5 Year performance: 166.71%
  • P/E Ratio: 11.8074
  • Headquarters: Canada

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Royal Bank of Canada (RY.TO)

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
  • Market cap: C$194.057 billion
  • YTD performance: 30.43%
  • 1 Year performance: 26.05%
  • 5 Year performance: 79.19%
  • P/E Ratio: 12.7437
  • Headquarters: Canada

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Bank of Nova Scotia (BNS.TO)

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.
  • Market cap: C$81.859 billion
  • YTD performance: -2.13%
  • 1 Year performance: 19.9%
  • 5 Year performance: 35.9%
  • P/E Ratio: 10.9587
  • Headquarters: Canada

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Canadian Imperial Bank Of Commerce (CM.TO)

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
  • Market cap: C$62.947 billion
  • YTD performance: -39.29%
  • 1 Year performance: 38.1%
  • 5 Year performance: 38.1%
  • P/E Ratio: 10.2691
  • Headquarters: Canada

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Toronto Dominion Bank (TD.TO)

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S.
  • Market cap: C$139.798 billion
  • YTD performance: 9.41%
  • 1 Year performance: 3.13%
  • 5 Year performance: 52.62%
  • P/E Ratio: 12.4897
  • Headquarters: Canada

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VersaBank (VB.TO)

VersaBank, a schedule I chartered bank, provides various banking products and services in Canada. The company offers deposit products, such as guaranteed investment certificates, registered retirement savings plans, daily interest savings accounts, and tax-free savings accounts, as well as deposit insurance products.
  • Market cap: C$401.738 million
  • P/E Ratio: 15.3138
  • Headquarters: Canada

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Bank of Montreal (BMO.TO)

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments.
  • Market cap: C$94.062 billion
  • YTD performance: 32.98%
  • 1 Year performance: 24.64%
  • 5 Year performance: 120.07%
  • P/E Ratio: 17.8349
  • Headquarters: Canada

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Canadian Western Bank (CWB.TO)

Canadian Western Bank provides personal and business banking products and services in Western Canada. The company offers current, savings, US dollar, chequing, flex notice, organization, business trust, and trust fund investment accounts.
  • Market cap: C$2.596 billion
  • YTD performance: -6.73%
  • 1 Year performance: 15.52%
  • 5 Year performance: 61.52%
  • P/E Ratio: 8.1515
  • Headquarters: Canada

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Laurentian Bank Of Canada (LB.TO)

Laurentian Bank of Canada, together with its subsidiaries, provides various financial services to personal, business, and institutional customers in Canada and the United States. It operates through three segments: Personal Banking, Commercial Banking, and Capital Markets.
  • Market cap: C$1.163 billion
  • YTD performance: -15.22%
  • 1 Year performance: 5.92%
  • 5 Year performance: 5.92%
  • P/E Ratio: 7.4845
  • Headquarters: Canada

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What you should know before buying the best Canadian bank stocks

There’s no single winning strategy to finding what experts might call the best bank stocks in Canada by performance, because the most important considerations are your own goals and circumstances. It’s not personal financial advice, and your personal objectives and financial situation have not been taken into consideration. Do your own research, and speak with an investment professional if in doubt.

Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can increase and decrease in value.

This list and data was compiled May 23, 2023. The algorithm was last updated March 3, 2022.

Buy bank stocks through an online broker

To invest in any of these bank stocks, you’ll need a brokerage account. Compare online stock trading platforms below and click “Go to site” to get started.

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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