Citigroup's smaller reserve build unnerves investors

Citigroup Inc. set aside a lot less money in provisions to cover loan losses during the third quarter. The move helped boost quarterly earnings, but it also unnerved investors.

Citi /quotes/comstock/13*!c/quotes/nls/c (C 4.67, -0.08, -1.68%) said its net loan loss reserve build was $802 million in the latest period, down from $3.9 billion in the prior quarter.

However, net credit losses remained elevated at $8 billion and non-accrual loans reached $32.68 billion at the end of September, up from $28.25 billion on June 30, the bank reported.

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- Posted: 2009-10-15 20:17:54

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