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Comerica, Bank of America See 4Q Net Charge-off Rates Fall From 3Q

By Allison Prang

 

Here's a look at credit quality at some of the country's major banking companies for the fourth quarter as the Covid-19 pandemic continues to weigh on consumers and businesses.

 

COMERICA INC.:

--Comerica had a $17 million benefit compared with a $5 million provision for credit losses in the third quarter.

--Net credit-related charge-offs as a percentage of average total loans was 0.22%, down from 3Q's 0.26%.

 

BANK OF AMERICA CORP.:

--Bank of America had a $53 million provision for credit losses, down from $1.39 billion in 3Q.

--Non-performing loans and leases as a percentage of total loans and leases was 0.54%, up from 0.48% in 3Q.

--The net charge-off rate was 0.38% in 4Q. It fell from 0.4% in 3Q.

 

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

 

(END) Dow Jones Newswires

January 19, 2021 08:43 ET (13:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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