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Weiss: Bank Chargeoffs Hit New Record Last Year.(Brief Article)
Chargeoffs at commercial banks and thrifts hit a record last year, even as strong fee revenue from mortgage banking helped to limit the damage to bank balance sheets, according to an independent rating company here.
The U.S. banking industry's net loan chargeoffs grew by 55% in 2001, according to Weiss Ratings. At year-end, chargeoffs jumped to a record $38.8 billion, an increase of $13.7 billion over the $25.1 billion charged off in 2000.
Moreover, chargeoffs in 2001 surpassed the previous record of $37.7 billion set in 1991, during the S&L crisis.
The surge in chargeoffs was widespread, with 4,146 banks and thrifts reporting an increase. That's 43.1% of the industry.
Institutions showing the largest year-over-year increase include US Bank, Cincinnati; Bank of America, Charlotte, N.C.; Citibank, New York; PNC Bank, Pittsburgh; and Bank One, Chicago.
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Source: HighBeam Research, Weiss: Bank Chargeoffs Hit New Record Last Year.(Brief Article)