HSBC’s quarterly UK provisions rose 111% in Q3

Uncertainty around interest rates and political stability reflected in model overlays

HSBC took a $279 million provision on UK loans in the third quarter, more than double the previous period, as risk managers applied overlays to account for uncertainty around the country’s monetary and fiscal policy.

Loan-loss charges at the bank’s ring-fenced UK unit were up 111% quarter on quarter, or 132% in sterling terms.

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