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VFD Group’s expected credit losses (ECL) on loans and advances to customer is a key audit matter in the consolidated financial statements, according to its auditors PricewaterhouseCoopers.
This is because the measurement of impairment allowance is highly subjective and involves the exercise of significant judgements and the use of complex models and assumptions.
The gross balance of loans and advances extended by VFD Group to customers as at 31 December 2023 was N21.322 billion and the associated impairment was N1.789 billion.
VFD Group reported a loss of N750m as at December 2023, as investment and other operating expenses surged.
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