Citi loan-loss provisions build to $2.1bn
Credit reserve ramp up pushes PLLs higher
Provisions for loan losses (PLLs) at Citi increased $145 million over the three months to end-June, largely fuelled by a ramp-up of reserves held to cover assets originated by the bank’s institutional clients group (ICG).
Total PLLs stood at $2.1 billion for Q2 2019, their highest level since Q4 2017. They are up 7% on Q1 and 16% on the year-ago quarter.
Net credit losses – amounts written-off minus recoveries – hit $1.96 billion from $1.95 billion the quarter prior, while the credit reserve
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