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.

JP MORGAN:

--JPM's provision for credit losses dove to $611M in 3Q from $10.47B in 2Q.

--The total nonaccrual loans to total loans ratio was 1.11% in 3Q, up from 0.92% in 2Q.

--JPM's net charge-off rate for total retained loans was 0.49%, down from 2Q's 0.64%.

--"While we could see an uptick in charge-offs over the next few quarters, given payment relief and government stimulus already provided, we don't expect any meaningful increases in charge-offs until the second half of 2021," CFO Jennifer Piepszak said on the company's earnings call Tuesday.

CITIGROUP:

--Citigroup's provisions for credit losses and for benefits and claims was $2.26 billion, down from $7.9 billion in 2Q.

--Nonaccrual loans as a percentage of total loans fell to 0.79% in 3Q, down from 0.85% in 2Q.

FIRST REPUBLIC:

--First Republic's provision for credit losses was $28.5 million, down from $31.1 million in 2Q.

--The company said loan modifications from borrowers challenged by the Covid-19 pandemic were 3.7% of its total loans.

--The nonperforming assets to total assets ratio was 0.12%, down from 0.13% in 2Q.

--Net charge-offs to average total loans was 0.01%, up from 0% in 2Q.

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

(END) Dow Jones Newswires

10-13-20 1005ET