Companies play a prominent role in developing the economy of any country. They do not only provide goods and services by utilizing resources, but they also offer employment opportunities to the people living in the area. In general, the development of a country is dependent on how well the companies do regarding income generation. Canada has a vast array of companies that play a significant role in the economic development of the country.
Financial, investment and law services are some of the most profitable industries to date and remain at the top of this hierarchy in 2019. The Real Estate Investment Trusts industry in Canada (52593CA) is forecast to be the second most profitable industry, with an estimated 46.5% profit margin this year
The 5 most profitable companies in Canada
Profits: $9,917 million
Canada’s largest bank has over 80,000 employees worldwide, serving over 16 million clients across 38 countries. As one of North America’s leading financial institutions, it provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. The Toronto-based bank is led by CEO David I. McKay, and has its sights fixed on becoming one of the world’s most trusted and successful financial institutions.
Profits: $8,073 million
Established in 1955 through the amalgamation of The Bank of Toronto and The Dominion Bank, over 25 million customers are served worldwide by Canada’s second-largest bank. As one of the world’s leaders in online banking, it boasts an impressive client base of over 11 million online and mobile users. Brian M. Levitt has been the chairman of the TD Bank Group board since 2011, leading a team that places a strong emphasis on diversity and inclusion, community initiatives, and environmental responsibility.
Profits: $7,093 million
Known as Scotiabank, the institution bills itself as “Canada’s most international bank”, with around 89,000 ‘Scotiabankers’ in offices in more than 50 countries serving over 23 million customers. Led by President and CEO Brian J. Porter, the bank is a member of the London Bullion Market Association and one of five banks that participates in the London gold fixing. Due to its international reach, Scotiabank has been able to help people around the world through its corporate responsibility initiatives and employee-volunteer programs focusing on education, health care, social services, arts and culture, sports and environment.
Profits: $4,444 million
Established in 1817 in a rented house in Montreal, Canada’s oldest and fourth-largest bank has more than 900 branches and over seven million customers. In celebration of its bicentennial anniversary, the bank continues to fulfil wishes throughout 2017 – made through its BMO200 initiative – as a thank you to the communities it serves. The bank’s CEO, William A. Downe, was named a Member of the Order of Canada in December 2016, and is set to retire in October 2017. He will be succeeded by current COO Darryl White.
Profits: $3,633 million
The Canadian Imperial Bank of Commerce has operations in the United States, Asia, the Caribbean, and Europe. Over 40,000 employees look after more than 11 million customers worldwide. Under the stewardship of President and CEO Victor Dodig, CIBC has enjoyed a number of accomplishments and was ranked by Global Finance Magazine as one of the top ten safest banks in North America. Through the bank’s annual ‘Miracle Day’ on the first Wednesday in December, $85 million has been raised for children’s charities across Canada, and £234 million has been raised globally since the initiative began in 1984.
Tags: Business in Canada, Business in Toronto, Profitable Business
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