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Big Bank Earnings Wrap: What RBC and CIBC Reveal About Your Mortgage

  Royal Bank and CIBC reported record or near-record profits before the market opened Thursday, closing out a jam-packed bank earnings week that also included BMO, Scotiabank and National Bank. Beyond the headline numbers, though, the details tucked into these reports say a lot about where mortgage rates, lending standards and household credit stress are actually heading — and it's a more reassuring picture than a lot of the tariff-and-tension headlines this month might suggest. RBC: Record Profit, Credit Quality Barely Budged Royal Bank of Canada posted net income of $6.0 billion for the quarter ended July 31, up 11% from a year earlier and a record for the bank. Diluted earnings per share came in at $4.23, up 13% year-over-year, while return on equity climbed to 17.9%. The number worth watching for anyone with a mortgage isn't the profit line — it's the provision for credit losses (PCL), the money banks set aside for loans that might go bad. RBC's total PCL was $1.0 b...

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Your daily horoscope: August 11, 2023

 


HOROSCOPE IF TODAY IS YOUR BIRTHDAY

You’ve come a very long way over the past year or so and now you must raise your sights and aim to go even further. Enjoy your successes, of which there will be plenty, but don’t forget to learn from your occasional failures too.

ARIES (March 21 - April 20):

The sun’s position in the most dynamic area of your chart will encourage you to press ahead with your plans even if friends, loved ones and work colleagues think you are mad. Maybe you are mad, a bit, but it’s more fun that being boringly sane.

TAURUS (April 21 - May 21):

Make it a priority today to sit down with someone you love and work out what has been going wrong with your relationship. With goodwill on both sides there is no reason why you cannot rekindle the spark and fan it into a raging inferno.

GEMINI (May 22 - June 21):

Yes, there are a lot of bad things going on in the world but that does not mean you can just give up and do nothing to help. Make it your personal mission to cheer up those who don’t share your faith in the goodness of the human race.

CANCER (June 22 - July 23):

The planets warn that your mind could be playing tricks on you at the moment, so it might be best to take nothing at face value over the next 24 hours. That applies especially to money matters. Are you so rich you can just give it away?

LEO (July 24 - Aug. 23):

Seize the initiative today and start something new and exciting. The sun remains in your sign until the 23rd, so there is still plenty of time to make your mark on the world. What you begin now could change the future in major ways.

VIRGO (Aug. 24 - Sept. 23):

Mercury in your sign means your mind is buzzing with new ideas but you need to make sure they are the sort of ideas that can be turned into physical achievements. A dream could become a nightmare if you allow yourself to believe in fairy stories.

LIBRA (Sept. 24 - Oct. 23):

The more you interact with people who are exciting and original the more exciting and original your own thinking will be. Even if some of their ideas seem a bit far out don’t try to limit them in any way. Creativity must always be encouraged.

SCORPIO (Oct. 24 - Nov. 22):

Are your career plans viable? Can you see yourself making the most of your creative talents and moving up on the work front? At this time of year more than most you need to be realistic about what you can hope to accomplish – which is a lot!

SAGITTARIUS (Nov. 23 - Dec. 21):

Last minute changes over which you have no control may be annoying but you should be flexible enough to take it all in your stride. Instead of getting angry about other people’s unreliability try smiling and treating it all as a bit of a joke.

CAPRICORN (Dec. 22 - Jan. 20):

Usually you are brutally honest with yourself about what can and cannot be done but just lately a degree of wishful thinking has crept into your mind. Is that a bad thing? No it isn’t. If you desire something enough you WILL find a way to get it.

AQUARIUS (Jan. 21 - Feb. 19):

Advice you give to family and friends over the next 24 hours must come from your own experience rather than what you have learned second hand. If you don’t actually know the answers they are looking for at least be honest and admit it.

PISCES (Feb. 20 - Mar. 20):

You have been getting through your work at double quick speed lately and that’s a good thing, but don’t forget to reward yourself with some down time too. You will achieve more in the long-term if you give your batteries a chance to recharge.

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