Its interest margin fell in the second quarter to 2.44% from 2.51% three months earlier, though it was still higher than a year earlier.
The lender is the most sensitive of the big US banks to interest rate changes because of its large deposit stock and rate-sensitive mortgage securities. In the absence of higher interest rates to help pad revenue, banks can improve margins by reducing expenses. Total loans in its consumer banking unit rose 6%, while deposits were up 3%, pushing income from the business up 13% to $3.3 billion.
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