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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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Diplomatic Tensions Escalate Between Turkey and Israel Over Gaza, Iran, and Cyprus

Turkish President Recep Tayyip Erdogan and Israeli Foreign Minister Gideon Sa’ar engaged in a heated exchange on Wednesday, criticizing each other’s foreign policies regarding Gaza, Iran, and Cyprus.

Erdogan, addressing members of his AK Party, accused Israel of committing atrocities in Gaza, likening Israeli Prime Minister Benjamin Netanyahu to Adolf Hitler. He condemned Israel’s military actions, stating that Netanyahu had “long surpassed the cruel Hitler in the crime of genocide” and expressed hope that he would face an international court.

The Turkish president also denounced Israel’s operations in Iran, calling them acts of “banditry” and “state terrorism.” He defended Iran’s right to retaliate against Israeli actions, asserting that self-defense was a legitimate response.

Sa’ar swiftly responded via social media, dismissing Erdogan’s remarks as inflammatory and accusing him of suppressing freedoms within Turkey. He criticized Erdogan’s alleged imperialist ambitions, citing Turkey’s military presence in northern Syria and its control over northern Cyprus as examples of hypocrisy.

Turkey’s foreign ministry later issued a statement rejecting Sa’ar’s comments, labeling them as “baseless slander and vile lies.” The ministry reiterated Erdogan’s stance, insisting that Netanyahu and his associates should be held accountable for their actions.

This latest exchange underscores the growing diplomatic rift between Turkey and Israel, with both sides standing firm in their positions amid ongoing regional conflicts.

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