The financial sector has also benefited from the strengthening economy after years of subdued borrowing from consumers and businesses. Loan growth for commercial and industrial lending rose 12.6% in the second quarter over the first. Consumer loans, notably those for student lending, auto and credit cards, has increased to 6% from 3% year-over-year.
“Loan pipelines have improved at many banks, portending well for continued loan growth” in the third quarter, analysts at DBRS said.
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Max Chen contributed to this articles.