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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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Hurricane Milton Leaves 3 Million Without Power in Florida

 

Florida is reeling from the devastating impact of Hurricane Milton, which has left over 3 million residents without power. The storm, which made landfall as a Category 3 hurricane, brought with it ferocious winds and heavy rainfall, causing widespread destruction across the state.

Power Outages and Damage
As of Thursday morning, nearly 3.3 million Floridians are without electricity. The National Hurricane Center reported that the storm, now downgraded to a Category 1, continues to produce damaging winds and heavy rainfall as it moves northeast off Florida’s coast. The storm surge has caused significant flooding in several areas, with some regions experiencing up to 5 feet of water.

Casualties and Emergency Response
Tragically, at least four people have lost their lives due to the storm. Emergency services are working tirelessly to restore power and provide aid to those affected. The state has mobilized resources to assist in the recovery efforts, but the extent of the damage means it will take time to fully restore normalcy.

Community Impact
Residents are urged to stay indoors and avoid flooded areas. Many communities are coming together to support each other, with shelters providing refuge for those displaced by the storm. The resilience and solidarity of Floridians are evident as they navigate this challenging time.

Looking Ahead
While Hurricane Milton moves away from Florida, the focus now shifts to recovery and rebuilding. Authorities are assessing the full extent of the damage and planning the next steps to ensure the safety and well-being of all residents.


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