Last checked at 8 May 2018 12:18
8th May 2018
UPDATE ON IFRS9
In our recent full year results announcement on 26th April, as part of our disclosures on the expected impact of the introduction of IFRS9, we stated that one of the final aspects of the modelling and analysis still underway related to whether or not undrawn credit balances should be included or excluded from the calculation of the provision.
We have now agreed with our auditors that these balances should be excluded from the provision. As previously indicated, the exclusion of undrawn credit balances will materially reduce the IFRS9 provision, by approximately half the previously announced potential increase of £120m. The exact quantification of the IFRS9 provision is still being finalised with our auditors. We will provide a further update as part of our Q1 trading statement on the 14th June.
For further information:
N Brown Group | |
Bethany Barnes (née Hocking), Director of Investor Relations and Corporate Communications | On the day: 07887 536153 |
Website: www.nbrown.co.uk | Thereafter: 0161 238 1845 |
MHP Communications | |
Andrew Jaques / Simon Hockridge / Nessyah Hart | 0203 128 8789 |
NBrown@mhpc.com
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