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UPDATE 1-PrivateBancorp profit beats estimates
* Q2 EPS $0.19 vs est $0.16
* Q2 net interest income rose 5 pct
* Q2 provision for loan losses fell 45 pct
July 24 (Reuters) - PrivateBancorp Inc reported second-quarter earnings above analysts' estimates as it kept aside less money to cover soured loans.
Net income available to common shareholders rose to $14.1 million, or 19 cents per share, from $5.5 million, or 8 cents per share, a year earlier.
Analysts on average had expected the bank to earn 16 cents per share, according to Thomson Reuters I/B/E/S.
Net interest income rose about 5 percent to $105.3 million.
Provision for loan losses declined 45 percent to $17.4 million.
"Our consistent and focused business development efforts have helped us add clients and increase product sales, which have led to strong growth in treasury management, capital markets and mortgage," Chief Executive Larry Richman said in a statement.
PrivateBancorp's shares closed at $15.03 on Monday on the Nasdaq.
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