and according to note 4 on that slide:
"Impairment losses stated here are the actual write offs processed in the year. The P&L expense line represents that plus any increase in B&D debt + op lease asset write off"
So, what they're saying is:
$28.6m = $27.9m + (the increase in B&D debt + op lease write off.)
So, the last two amount to $0.7m. In effect, this means they're provisioning an additional $0.7m over last year... yet loan books have increased by $36.8m in Consumer leasing (26%), and $100m in TEF (76%).
Note: "Increase in BD debt" and "operating lease write off" together, make up the change in provisions taken (this year - last year)
For comparison, the 2016 values are:
$31.4m = $19.2m + change in provisions
Change in provisions = $12.2m
That said, there was some larger provisioning in last year's accounts for Consumer Finance. Still doesn't really pass the sniff test.
Surely I'm not reading this correctly.
As an aside - where are the provisions for regulatory penalties located in the P&L?