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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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Canada Supports South Africa Amid U.S. Boycott of G20 Meeting



In a significant show of solidarity, Canada has stepped up to support South Africa as it faces mounting pressure due to the United States' decision to boycott historic G20 meetings. Canadian Foreign Minister Mélanie Joly emphasized Canada's commitment to multilateralism and international cooperation, highlighting the importance of standing by South Africa during its G20 presidency.

South Africa, the first African nation to lead the G20, aims to advance the interests of developing countries in discussions with the world's wealthiest nations. However, the U.S. has chosen to boycott the meetings, citing disagreements with South Africa's policies and priorities. U.S. Secretary of State Marco Rubio has criticized South Africa's focus on themes such as solidarity, equality, and sustainability, which he views as contrary to American interests.

Despite the U.S. absence, other major players, including Russia, China, and the European Union, have expressed their support for South Africa's leadership. Canadian Foreign Minister Joly reiterated Canada's commitment to working with South Africa and other G20 members to address global challenges such as debt refinancing and climate change mitigation.

As the G20 meetings continue in Johannesburg, Canada's support serves as a crucial counterbalance to the U.S. boycott, ensuring that the voices of developing nations are heard and their interests are represented on the global stage.



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