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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: October 2, 2023

 


HOROSCOPES IF TODAY IS YOUR BIRTHDAY

The only thing that can keep you from success both in your private life and at work this year is the wholly irrational idea that you do not deserve it. Self-belief is a must if you are to find that pot of gold at the end of the rainbow.

ARIES (March 21 - April 20):

Make an effort today to look into the future and imagine how good life could be if you stick to the plan and the program you recently began. If you give up on it so soon then how can you expect the future to be better than the past?

TAURUS (April 21 - May 21):

It might be wise to keep some of your more outrageous ideas to yourself as the new week begins, because less adventurous sorts will be shocked by your can-do attitude and will put as many obstacles in your path as they can. Secrecy is a strength.

GEMINI (May 22 - June 21):

You may be tempted to give a friend or family member an easy ride because you don’t want to hurt their precious feelings but that would be a mistake. Sometimes you must demand that even the people you love face up to the cold, hard truth.

CANCER (June 22 - July 23):

It is time to get busy on a project you know could bring fame and fortune your way. Don’t worry that there is a mountain between where you are now and where you want to get to because your self-belief will make it easy to climb.

LEO (July 24 - Aug. 23):

You may be tempted to take some kind of gamble as the new week begins but the planets warn that might not be such a good idea. Above all don’t let business partners and work colleagues persuade you to put your own money on the line.

VIRGO (Aug. 24 - Sept. 23):

A loved one has made a choice that is not to your liking but the fact is you have no say in the matter and will have to accept it. If you genuinely believe they are heading for disaster then be ready to catch them when they fall.

LIBRA (Sept. 24 - Oct. 23):

The urge to tinker with something that hasn’t been working too well of late may be strong but if you are smart you will resist it and wait to see how it develops over the rest of the week. Most likely you are worrying for no good reason.

SCORPIO (Oct. 24 - Nov. 22):

Do you carry on pursuing a goal that seems as far away as ever or do you cut your losses and begin something new? The planets suggest it might be best to keep at it a while longer. You’ve come so far – why waste all that time and effort?

SAGITTARIUS (Nov. 23 - Dec. 21):

A friend seems to be under the impression that you owe them something. Is that true or is it just wishful thinking on their part? Either way, find out what it is they need, because you may be in a position to get it for them anyway.

CAPRICORN (Dec. 22 - Jan. 20):

You are very much on top of your game at the moment and over the next few days you will become even more intent on furthering your aims and fulfilling your ambitions. Don’t make too much noise about it though – surprise is a useful weapon.

AQUARIUS (Jan. 21 - Feb. 19):

You will be inspired to aim higher than ever before over the next few days but you still need to keep your feet on the ground. Don’t get carried away and think you can do something big that will change the world – it’s the little things that count.

PISCES (Feb. 20 - Mar. 20):

Neptune in your sign seems to be making you a touch nervous at the moment but have you really got that much to be worried about? There is a higher force looking over and protecting you. Have faith that it will always guide you in the right direction.

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