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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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Slow-Cooker Guinness Beef Stew

Make this traditional Irish stew in your slow cooker! Cooking low and slow creates very tender beef and a robust flavor. The best part is that it's ready to eat after you get home from a long day.

Ingredients

  • 1-1/2 pounds potatoes (about 3 medium), peeled and cut into 1-inch cubes
  • 3 medium carrots, thinly sliced
  • 2 medium onions, chopped
  • 2 medium parsnips, peeled and thinly sliced
  • 2 celery ribs, cut into 1-inch pieces
  • 1 boneless beef chuck roast (3 pounds), cut into 2-inch pieces
  • 1/2 cup all-purpose flour
  • 1-3/4 teaspoons salt
  • 3/4 teaspoon pepper
  • 2 tablespoons olive oil
  • 1 can (6 ounces) tomato paste
  • 2 garlic cloves, minced
  • 1 bottle (12 ounces) Guinness stout or beef broth
  • 1 can (14-1/2 ounces) beef broth
  • 2 teaspoons minced fresh thyme or 1/2 teaspoon dried thyme
  • Minced fresh parsley
Directions

1. Place the first 5 ingredients in a 5- or 6-qt. slow cooker.

2. Toss beef with flour, salt and pepper. In a large skillet, heat oil over medium-high heat. Brown beef in batches. Transfer beef to slow cooker with a slotted spoon. Reduce heat to medium. To same skillet, add tomato paste and garlic. Cook and stir 1 minute.

3. Add beer to skillet, stirring to loosen browned bits from pan. Transfer to slow cooker. Stir in broth and thyme.

4. Cook, covered, on low until beef and vegetables are tender, 7-8 hours. Garnish with parsley.


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