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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: July 3, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

The more other people criticize what you are doing this year the more you will carry on doing it. Don’t be so stubborn though that you refuse to look into what they are saying. Some of their comments may be on the money – and could save you money too.

ARIES (March 21 - April 20):

Although everyone else on the work front seems happy to believe that they are doing the best possible job you are not convinced. Push yourself harder today and make sure you push your colleagues as well, because one or two of them have been taking it easy.

TAURUS (April 21 - May 21):

With Mercury opposing power planet Pluto today you are sure to encounter opposition from people in positions of authority. Don’t try to persuade them to see things your way because that won’t work. Instead, remove yourself from their presence and work on your own.

GEMINI (May 22 - June 21):

It may be easy to get annoyed with people who deliberately drag their feet but no matter how much you try to hurry them along today you won’t be successful. Just accept that for the time being at least if you want something done you must do it yourself.

CANCER (June 22 - July 23):

Other people’s decisions will affect your financial situation over the next 24 hours, but now you are aware of that you can take steps to ensure you don’t lose out. Don’t be surprised though if one of those decisions actually makes a profit.

LEO (July 24 - Aug. 23):

You can expect some kind of challenge today and it will most likely be of an intellectual nature. If a friend or colleague tries to show that your beliefs are wrong you must get your facts together and show them they don’t know what they are talking about.

VIRGO (Aug. 24 - Sept. 23):

If you make a mistake of some kind today just admit it and move on. With Mercury, your ruler, at odds with Pluto you won’t get away with claiming that it wasn’t your fault. You tried something different and it didn’t work out – but at least you tried.

LIBRA (Sept. 24 - Oct. 23):

Try not to get involved in the type of discussions that inevitably turn nasty. You know what topics to avoid and anyone who tries to drag you into arguing for and against must be made aware that you are not in the slightest bit interested in their views.

SCORPIO (Oct. 24 - Nov. 22):

There is nothing you can do about a worrying situation other than to sit tight and watch how it develops over time. The bad news is it may in the end not work out the way that you wanted. The good news is it doesn’t matter one little bit.

SAGITTARIUS (Nov. 23 - Dec. 21):

You will see or hear something today that you know must be avoided, even at the risk of annoying people who were hoping to get you involved. Of course, not everyone is as perceptive as you, so help others to spot what’s going on as well.

CAPRICORN (Dec. 22 - Jan. 20):

You won’t lack for advice today but if you are smart you will ignore each and every word of it. The only guidance you need is what comes from that little voice inside you that seems to know all the answers. Listen to it – it’s never wrong.

AQUARIUS (Jan. 21 - Feb. 19):

Although you like to forgive and forget you will have no choice today but to come down hard on someone who has let you down. It does not matter if their actions were deliberate or accidental, they must be made aware of it so they don’t do it again.

PISCES (Feb. 20 - Mar. 20):

Sometimes things happen that are too complicated to understand and if one such event occurs today all you can do is accept it and not let it get to you personally. Life will always have its ups and downs and none of them should be taken too seriously.

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