BofA, PNC lead Q1 rise in non-performing CRE loans
Commercial real estate write-offs also increased, driven by office loans
During the first quarter, Bank of America and PNC Bank spearheaded a rise in the share of non-performing commercial real estate (CRE) loans across top US banks that disclosed detailed figures of their holdings.
Bank of America’s non-performing loan (NPL) ratio stood at 3.17% at end-March, up 53 basis points from the previous quarter and the highest figure among seven US banks analysed by Risk Quantum. The bank’s CRE NPLs rose by 18% to $2.3 billion in absolute terms.
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