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JP Morgan reports further losses on Steinhoff loans

Hike in net charge-offs related to sale of bad loans to South African firm

JP Morgan posted higher charge-offs in its corporate and investment bank (CIB) division in the second quarter, a hefty chunk of which were due to bad loans made to scandal-plagued South African retailer Steinhoff International Holdings. 

The US bank reported net charge-offs, which refer to the total portion of outstanding loans unlikely to be paid back by delinquent borrowers minus recovered

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