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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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Myanmar Earthquake: A Nation in Crisis

The devastating 7.7-magnitude earthquake that struck Myanmar on Friday has left the nation grappling with an overwhelming humanitarian crisis. As of Sunday, the death toll has risen to approximately 1,700, with over 3,400 injured and 300 still missing. Hospitals are struggling to cope with the influx of casualties, and critical infrastructure, including bridges, highways, and airports, has been severely damaged, hindering rescue and relief efforts.

The earthquake, one of the strongest in Myanmar's history, has compounded the challenges faced by a country already in turmoil due to civil war and economic instability. International aid and rescue teams from neighboring countries like India, China, and Thailand, as well as Malaysia, Singapore, and Russia, have begun arriving to assist in relief efforts. However, the scale of destruction and the urgency of stabilizing affected communities before the monsoon season pose significant challenges.

The International Federation of Red Cross and Red Crescent Societies has emphasized the growing humanitarian needs and the importance of restoring transportation routes to facilitate effective rescue operations. With predictions suggesting the death toll could exceed 10,000, Myanmar faces a long and arduous road to recovery.

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