Major Banks Log Releases for Bad Loans in 4Q
By Allison Prang
Here's a look at credit quality at some of the country's biggest
banking companies for the fourth quarter as the Covid-19 pandemic
continues to weigh on consumers and businesses.
PNC FINANCIAL SERVICES GROUP INC.:
--PNC had a credit-loss recapture of $254 million. In the third
quarter, it recorded a $52 million provision.
--Non-performing loans to total loans was 0.94%, up from 0.84%
--Net charge-offs to average loans was 0.37%. It rose from 0.24%
JPMORGAN CHASE & CO.:
--JPMorgan had a credit-loss release of $1.89 billion. In 3Q,
its provision for credit losses was $611 million.
--Nonaccrual loans to total loans was 1.04%, down from 1.11% in
--JPMorgan's net charge-off rate for retained loans was 0.44%.
In 3Q, it was 0.49%.
--Citigroup had a release for credit losses and for benefits and
claims of $46 million. In 3Q, its provision was $2.38 billion.
--Nonaccrual loans as a percentage of total loans was 0.84%, up
from 0.79% in 3Q.
WELLS FARGO & CO.:
--Wells Fargo had a credit-loss release of $179 million,
compared with a 3Q provision for credit losses of $769 million.
--Nonaccrual loans as a percentage of total loans was 0.98%, up
from 0.87% in 3Q.
--Total net charge-offs as a percentage of average loans was
0.26%, down from 0.29% in 3Q.
Write to Allison Prang at firstname.lastname@example.org
(END) Dow Jones Newswires
January 15, 2021 10:03 ET (15:03 GMT)
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