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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 31, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

If there is some aspect of your lifestyle that you would like to change then start making the moves that can make it happen. Set yourself goals that align with your dreams but which are easy to reach if you take it a step at a time.

ARIES (March 21 - April 20):

You may be in the mood to do something spectacular this weekend but make sure you know in advance how much it is going to cost you. If you don’t do your sums correctly you could find yourself seriously out of pocket come the start of next week.

TAURUS (April 21 - May 21):

You may want to do something that makes a difference in the world at large but you need to make sure it is practical and won’t make things better in the short term but worse in the long term. Maybe, just maybe, you should leave things as they are.

GEMINI (May 22 - June 21):

Cosmic activity in the most sensitive area of your chart has shaken you up a bit and now you seem to be jumping at shadows that are not in the least bit threatening. You will probably be happier this weekend just keeping a low profile.

CANCER (June 22 - July 23):

If you are expecting others to play by the rules over the next 48 hours you are going to be disappointed, not least because as changes planet Uranus begins its retrograde phase no one seems to know for sure exactly what those rules should be!

LEO (July 24 - Aug. 23):

You may be tempted to do something different on the work front this weekend but if you do there is a real possibility that you will upset people in positions of power. Just this once, blend into the crowd and curtail your desire to make an impression.

VIRGO (Aug. 24 - Sept. 23):

An activity that has always come easy to you is about to get a serious shake-up and you may even have to abandon it and follow a different path for a while. It may be annoying but it’s no big deal and won’t derail your long-term ambitions.

LIBRA (Sept. 24 - Oct. 23):

If the going gets rough this weekend you will need someone to lean on. You may be tempted to put on a brave face and soldier on alone but this is one of those occasions when you really must get assistance. All you have to do is ask.

SCORPIO (Oct. 24 - Nov. 22):

Relationship upheavals are likely over the next 48 hours as Uranus begins its retrograde phase in the partnership area of your chart. The good news is that even if you do fall out with someone special it won’t be long before you kiss and make up.

SAGITTARIUS (Nov. 23 - Dec. 21):

A situation that calls for quick and decisive action will confront you this weekend but you may be unsure how to deal with it. For best results just go with your instincts and don’t worry about the consequences. There is no right or wrong way to react.


CAPRICORN (Dec. 22 - Jan. 20):

You won’t be content to sit around watching the world go by this weekend, you will want to be out there making things happen. That’s good, of course, but don’t try to take the lead in each and every situation. Others have a part to play too.

AQUARIUS (Jan. 21 - Feb. 19):

Anyone who expects you to fold under pressure is going to learn that you are tough enough mentally to go your own way and do your own thing regardless of what powerful people might want from you. No way will you be toeing the party line.

PISCES (Feb. 20 - Mar. 20):

As Uranus, planet of changes, turns retrograde this weekend you must be extra careful when making plans that involve travelling and socializing. Get out and about and have some fun but don’t be reckless, and do make sure you know the way home!

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