UK banks put £7.6bn aside for credit losses in Q1

First quarter earnings at top UK banks were dented by huge expected credit loss (ECL) provisions taken to protect against a coronavirus-induced wave of borrower defaults.

Aggregate impairment charges at Barclays, HSBC, Lloyds, RBS and Standard Chartered totalled £7.6 billion ($9.5 billion) in Q1, almost double combined net profits for the first quarter.

HSBC took the biggest hit, with an impairment charge of $3 billion, over four times the Q4 2019 amount. The bank netted a profit of $3 billion

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