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JPMorgan second-quarter profit beats estimates on loan growth, higher rates


By David Henry and Sweta SinghREUTERS - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a better-than-expected quarterly profit on Friday due to strong loan growth and higher interest rates.The bank's borrowing business increased across residential mortgages, business loans, credit cards, and even auto loans, an area where some lenders have been pulling back.Its average core loan book grew 8 percent in the second quarter compared with the same period a year earlier, while higher interest rates helped JPMorgan earn more money on them."The U.S. consumer remains healthy," Chief ...

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First Published: Fri, July 14 2017. 18:07 IST