Though customer payments on mortgages, credit cards and other loans have shrunk, large banks still continue to benefit from elevated benchmark lending rates. RBC's personal and commercial banking unit's net income rose 7% to C$2.05 billion ($1.49 billion) in the reported quarter, primarily driven by higher net interest income, or the difference between what a bank earns on loans and pays on deposits. The gains were partially offset by larger loan loss provisions, or the capital lenders set aside to cover customers who are unable to pay back debt on mortgages and credit cards.
The operation, which is the third of its kind in the area so far this month, began on Thursday morning.
Atlassian has entered the era of artificial intelligence (AI), and the technology could be a big tailwind for its business.