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Nonperforming Loan Totals Reach 10-Year High at Banks and Thrifts.(Brief Article)
Nonperforming loans at the nation's 9,414 banks and thrifts reached $68.9 billion in the third quarter of last year, representing a 16.8% increase from one year earlier, according to Weiss Ratings here.
From a historical perspective, Weiss Ratings said this is the highest dollar amount of nonperforming loans in the banking industry since 1992, when the level reached $79.2 billion following the savings and loan crisis.
Driving the increase in nonperforming loans, troubled commercial loans surged 22.7%, according to Weiss. But nonperforming residential mortgage loans also climbed 13.4% to $13.8 billion as of Sept. 30, 2002.
Institutions showing the largest year-over-year increases in bad loans included Citibank (up 60% to $8.4 billion), J.P. Morgan Chase (up 123% to $4.1 billion) and Bank One (up 89% to $2.5 billion).
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Source: HighBeam Research, Nonperforming Loan Totals Reach 10-Year High at Banks and...