The ranking, released Monday, valuated brand performance among 500 companies around the world ending on Dec. 31, 2012.
It named Toronto-Dominion Bank (TSX:TD) as number 90, with a brand worth of $10.4 billion. Royal Bank Canada (TSX:RY) came in at number 91 with a brand worth of $10.2 billion. Last year, the banks were ranked number 107 and 103, respectively.
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This puts the value of Canadian bank brands ahead of traditionally powerful banks from Switzerland, Japan, France and Germany, according to the list.
It says the banks also have potential to achieve more brand value, if the institutions continue to grow south of the border.
Despite these gains, Canadian brands are still underrepresented on the global brands list, with only 14 Canadian companies ranking in the top 500 this year.
Brand Finance says a notable loss this year was smartphone maker BlackBerry, which fell off the top 500 list after its brand value this year came in below the cutoff of $2.55 billion.
"Canada continues to be underrepresented globally in developing large, international brands," said Edgar Baum, managing director of Brand Finance Canada in a statement.
"A lot of this is due to our close history with the United States where many of our goods and services originate."
The ranking saw U.S.-technology company Apple ranked as the most valuable global company with a brand value of $87.3 billion, followed by South Korean smartphone-maker Samsung with $58.7 billion and Internet search engine Google at $52.1 billion.