RBC renamed as Canada's biggest bank with $1.28tn in assets in Q1 2018

Royal Bank of Canada (RBC) has reclaimed its title as Canada's largest lender at the end of the first quarter of 2018, surpassing Toronto-Dominion bank who previously held the number one spot.

All of Canada's major banks experience positive results during the three month period, with the country's five biggest banks including TD and RBC, alongside the Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO) and Scotiabank, all having earned more than $10bn during this time.

See also:

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• RBC to open AI lab in Montreal, alongside Microsoft, Facebook, Google, Samsung

• BMO to create new 350,000 square foot campus in Toronto

RBC was recorded to have $1.28tn in assets, a slight edge over TD's $1.26tn, according to the financial statements of both firms.

Between them, both TD and RBC have shared the top spot in recent years, with TD having first surpassed RBC back in 2013 following the successful completion of its 10 year long expansion within the consumer lending market in the US.

TD has since posed the most significant challenge to RBC's predominance in Canada since the CIBC rivalled the company in the later 1990s.