UK banks put £7.6bn aside for credit losses in Q1
Impairment charges were roughly double aggregate net profits at top lenders
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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