More Banks Log Drops in Provisions for Credit Losses
October 14 2020 - 9:14AM
Dow Jones News
CREDIT LOOK:
Here's a look at what credit quality looked like at some major
financial firms for the third quarter as the Covid-19 pandemic
continues to weigh on consumers and businesses.
BANK OF AMERICA:
--Bank of America's provision for credit losses was $1.39
billion, down from $5.12 billion in 2Q.
--Nonperforming loans and leases as a percentage of total loans
and leases was 0.48%, up from 0.44% in 2Q.
--The net charge-off ratio fell to 0.4% in 3Q, down from
0.45%.
GOLDMAN SACHS:
--The company logged a $278 million provision for credit losses,
down from a second-quarter provision of $1.59 billion.
WELLS FARGO:
--Wells' provision expense was $769 million, down from $9.53
billion.
--Net charge-offs fell to 0.29%, down from 0.46% in 2Q.
PNC:
--PNC's provision for credit losses fell to $52 million, down
from $2.46 billion in 2Q.
--Nonperforming loans to total loans was 0.84% in 3Q, up from
0.73% in 2Q.
--Net charge-offs to average loans on an annualized basis fell
to 0.24%, down from 0.35%.
U.S. BANCORP:
--USB's provision for credit losses was $635 million in 3Q
compared with $1.74 billion in 2Q.
--USB's net charge-off ratio was 0.66%, up from 0.55% in 2Q.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 14, 2020 08:59 ET (12:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Sep 2023 to Sep 2024