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% in 3Q.
--Net charge-offs to average loans was 0.37%. It rose from 0.24% in 3Q.
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 3Q .
--JPMorgan's net charge-off rate for retained loans was 0.44%. In 3Q, it was 0.49%.
CITIGROUP INC.:
--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 allison.prang@wsj.com
(END) Dow Jones Newswires
01-15-21 1003ET