US regional banks put $18bn aside for credit losses in Q1

Fourteen mid-sized US banks took a combined $17.9 billion of credit loss provisions out of their first quarter earnings, nearly three times the amount taken in Q4 2019, after the coronavirus crisis crippled their corporate and retail borrowers.

The four largest non-systemic lenders – US Bancorp, Capital One, PNC and Truist – set aside $993 million, $5.4 billion, $914 million and $893 million, respectively. These amounts were 151%, 198%, 314% and 422% larger than the prior quarter.

Of the

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