Impairment charges reach £1bn for Q3 of 2017

Impairment charges across three of the UK’s top banks hit a collective total of £1.1bn for the three months ending September 30 2017.

Impairment charges reach £1bn for Q3 of 2017

Barclays recorded credit impairment charges of £709m for the third quarter of 2017, compared to £789m for the same period last year. As for total impairment charges recorded for the first nine months of 2017, Barclays Group posted £1.76bn, of which £1bn related to consumer, card and payments credit charges.

RBS recorded a similar level of impairment losses for the third quarter of this year – at £143m compared to £144m for the same period last year. However, its latest financial results also show the bank nearly halved its impairment losses in the year to September 30 2017; cutting them from £553 down to £259m.

RBS also recorded a drop in its pre-tax profit for the third quarter of 2017. It reported a profit of £871m for the three months ending September 30, compared to £1.2bn for the three months prior.

Lloyds Banking Group’s impairment charges were £270m for the third quarter of 2017, compared to £204m for the same period last year.

In its latest results statement, Lloyds Banking Group recorded a profit of £1.9bn for the third quarter, compared to £811m for the same period last year.