By Allison Prang
Here's a look at credit quality at some of the country's banking companies for the fourth quarter as the Covid-19 pandemic continues to weigh on consumers and businesses.
--Citizens had a provision for credit losses of $124 million. It fell from $428 million in the third quarter.
--Nonaccrual loans and leases to loans and leases was 0.83%, down from 1.03% for 3Q.
--Citizens' annualized net charge-off rate for loans and leases for 4Q was 0.61%. It declined from 0.7% for 3Q.
--The provision for credit losses was $441 million. It was lower than 3Q's $635 million.
--The company's net charge-off ratio was 0.58%. For 3Q, it was 0.66%.
--The company said it had a negative $6.5 million provision for credit losses. It didn't log a provision for 3Q.
--Net charge-offs on an annualized basis to average loans were 0.28%. It was 0.37% for 3Q.
Write to Allison Prang at firstname.lastname@example.org
(END) Dow Jones Newswires
January 20, 2021 09:13 ET (14:13 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.