Total loans and leases at the 10 largest banks by assets grew by only 0.3% in the second quarter, compared to 1.6% for U.S. commercial banks as a whole. Among the "Big Four" U.S. banks, only JPMorgan Chase Bank NA reached the industry aggregate, also posting 1.6% loan growth in the second quarter, helped by a 2.3% gain in consumer loans and a 2.2% jump in commercial real estate loans.
Both Citibank NA and Wells Fargo Bank NA reported strong quarterly increases in multifamily loans at 7.9% and 6.4%, respectively, but total loans only increased by 0.3% for both companies in the second quarter. Bank of America NA reported a 0.1% quarterly decline in total loans.
Home equity loans at the 10 largest banks dropped 3.7% quarter over quarter and 13.0% year over year, the largest drops of any loan category analyzed. Nine of the top 10 banks reported a quarterly drop in home equity loans.
Capital One NA reported a 94.9% drop in home equity loans quarter over quarter after the bank's parent company, Capital One Financial Corp., sold a "substantial majority" of the company's consumer home loan portfolio, according to a July 27 Form 10-Q.
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