Toronto-based Royal Bank of Canada (RBC) has been named the most valuable brand in Canada for the fifth consecutive year, according to a report published on Thursday by London, U.K.-based Brand Finance.
Compared to other Canadian banks, RBC has the highest loyalty among existing customers with 83% of participants confirming that they are likely, or very likely, to continue using the bank next year. Current customers also lauded the firm for its “familiarity, consideration, preference and reputational strength,” the report says.
Last year, RBC’s brand value was neck-and-neck with Toronto-Dominion Bank of Canada (TD). However, over the past twelve months, RBC’s brand value has increased by 4% to $17.3 billion while TD’s has dropped 5% to $15.6 billion.
“RBC has shown strong growth over the last year and left TD behind to earn a standalone position as Canada’s most valuable brand,” says David Haigh, CEO of Brand Finance, in a statement.
“Its leadership role across the broader Canadian economy is a new opportunity for RBC to leverage its brand to maintain financial growth,” he adds. “Most importantly, RBC’s brand strength is not just built upon a successful advertising campaign, but rather, a deep and valuable foundation of service to its customers.”
Toronto-based Bank of Nova Scotia also experienced brand value growth this year, up 13% to $12.7 billion. The firm is the fourth-most valuable brand in Canada and the third-most valuable bank. Scotiabank’s brand value growth is due to increased revenue forecasts and strong positive brand sentiment amongst key stakeholders, the report says.
Toronto-based insurance brand Manulife Financial Corp. also saw significant growth this year, up 61% to $4.1 billion. The firm holds the 17th spot among Canadian brands, ahead of Toronto-based Sun Life Financial Inc. in 21st place. The Manulife brand was drive by a considerable increase in earnings, caused by higher investment gains, strong new business and growth in Asia.
Canada’s 10 most valuable brands, from the top down, are as follows:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- Brookfield Asset Management
- Thomson Reuters