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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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Israel Expands Evacuation Orders Following Deadly Strike on Gaza School Shelter

 

Increased Evacuations in Gaza: The Israeli military has broadened its evacuation orders in southern Gaza after a deadly airstrike on a school-turned-shelter in the north. The strike resulted in the deaths of at least 80 Palestinians, according to local health authorities.

Targeting Militants: Israel stated that the airstrike targeted a militant command post, killing at least 19 fighters. The military has accused Hamas and other militants of using civilian areas to launch attacks.

Humanitarian Crisis: The ongoing conflict has displaced the vast majority of Gaza’s 2.3 million residents, many of whom have sought refuge in overcrowded shelters and tent camps.

Continued Conflict: The war, which began 10 months ago, has led to significant destruction and a staggering humanitarian crisis in Gaza. The Palestinian death toll is nearing 40,000.

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