PNC PNC Financial Services Group Inc

By Allison Prang

CREDIT LOOK:

Here's a look at what credit quality looked like at some financial firms for the first quarter as the Covid-19 pandemic continues to weigh on consumers and businesses:

CITIZENS FINANCIAL GROUP:

--The company had a negative $140 million provision for credit losses. In 4Q, that provision was $124 million and in 1Q a year ago, it was $600 million.

--Nonaccrual loans and leases to loans and leases was 0.82%. It fell from 0.83% in 4Q and was higher than 0.61% in 1Q a year earlier.

--The annualized net charge-off rate was 0.52%. It decreased from 0.61% in 4Q and increased from 0.46% for 1Q a year ago.

PNC FINANCIAL SERVICES GROUP:

--PNC had a negative provision for credit losses of $551 million. In 4Q, it had a negative provision of $254 million and in 1Q a year ago, its provision was $914 million.

--Nonperforming loans to total loans was 0.9%. It fell from 0.94% in 4Q and rose from 0.62% in 1Q a year ago.

--Net charge-offs to average loans on an annualized basis were 0.25%, down from 0.37% in 4Q and also down from 0.35% for 1Q a year ago.

ALLY FINANCIAL:

--Ally's provision for credit loss was negative $13 million. That provision was $102 million in 4Q and $903 million in 1Q a year ago.

--Ally's net charge-off rate was 0.41%. It fell from 0.67% in 4Q and from 0.84% in 1Q a year ago.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 16, 2021 08:39 ET (12:39 GMT)

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