Toronto-Dominion Bank surpassed Royal Bank of Canada (TSX:RY) as the country’s top brand, according to Brand Finance PLC’s annual report on the most valuable and strongest Canadian brands.
TD’s brand value surged a whopping 27% to $27.5 billion, driven by a positive re-evaluation of its revenues and forecasts, while RBC saw its brand value fall 15% to $19.9 billion due to a dampened outlook and forecasted revenues.
The third-most valuable Canadian brand was Bank of Nova Scotia (TSX:BNS), followed by Canada Life Assurance Co, Bank of Montreal (CSE:BMO), Circle K (which is owned by Alimentation Couche-Tard Inc (TSX:ATD.B)), Brookfield Corp, Canadian Imperial Bank of Commerce, Bell, and Telus Corp.
Agnico Eagle Mines Ltd (TSX:AEM) was the fastest-growing Canadian brand, up 115% to $738.8 million, buoyed by a rising commodity price environment.
A&W, though, was ranked as the strongest brand in Canada, followed by Canada Life, Intact Financial (TSX:IFC) Corp, Scotiabank (TSX:BNS), Tim Hortons (TSX:THI), Canadian Tire Corp Ltd, TD, Shoppers Drug Mart Corp, Sun Life Financial (TSX:SLF) Inc, and Maple Leaf Foods (TSX:MFI) Inc.
TD also received the highest sustainability perception value (the value it has tied up in the sustainability perception of stakeholders) at $1.9 billion.
TD Bank stock, however, has dropped more than 11% over the past month and is down nearly 19% during the past year due in part to the financial institution’s exposure to the US banking sector, which has experience liquidity issues from regional banks such as Silicon Valley Bank (SVB) and Signature Bank.
Contact Sean at sean@proactiveinvestors.com