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%.
--The company logged a $278 million provision for credit losses, down from a second-quarter provision of $1.59 billion.
--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'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%.
--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 firstname.lastname@example.org
(END) Dow Jones Newswires