UK banks released £671m of loan-loss provisions in Q1
HSBC, Lloyds and NatWest all released surplus credit reserves
Improvements in borrower creditworthiness freed top UK banks to release millions from their loan-loss reserves back into income over the first quarter, another sign that the coronavirus crisis is loosening its grip on the sector.
NatWest, Barclays, Lloyds, Standard Chartered and HSBC all also reported a quarter-on-quarter drop in the proportion of their loan books made up of ‘stage two’ assets under IFRS 9 accounting definitions, which are those that have suffered a deterioration in credit
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