JP Morgan shrinks loan-loss provisions by 35%

JP Morgan reported a more than one-third reduction in provisions for credit losses (PCLs) in the year to September 30, largely driven by improvements within its consumer and community banking division (CCB).

Total PCLs across all divisions totalled $948 million in the third quarter of the year, down $504 million from $1.5 billion 12 months prior. Provisions were also down on the quarter, $262 million (22%) lower than at end-June.

The CCB division reported a PCL drop of $537 million (35%) year

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