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Yes Bank has reported 47% growth in net profit at Rs 502.43 crore
for the quarter ended June 2024 (Q1FY2025). The bank has posted healthy 12% growth
in net interest income (NII), while the core fee income of the bank also
improved 23% in Q1FY2025. The Net Interest Margin (NIM) of the bank was lower
at 2.40% in Q1FY2025 compared to 2.50% in the corresponding quarter of previous
year.
On business front, the
bank as has posted 18% growth in business with strong 15% surge in loan book. The
asset quality of the bank was stable in Q1FY2025. Bank has substantially reduced
the credit to deposit ratio to 86.6% at end June 2024 from 91.3% at end June
2023. The CASA ratio of the bank has improved to 30.8% at end June 2024 from 29.4%
at end June 2023.
Asset quality improves: The bank has maintained
stable asset quality in Q1FY2025.
The fresh slippages of
loans stood at Rs 1205 crore in Q1FY2025 compared with 1356 crore in previous
quarter and Rs 1430 crore in the corresponding quarter last year.
The recoveries of NPAs
stood at Rs 399 crore, upgradations at Rs 307 crore and the write-off of loans
was at Rs 637 crore in Q1FY2025.
The standard
restructured loan book of the bank stood at Rs 3643 crore end June 2024.
Provision coverage ratio
was steady at 80.10% at end June 2024 compared to 79.30% a quarter ago and 67.80%
a year ago.
The capital adequacy
ratio of the bank stood at 16.3% with Tier I ratio at 13.3% at end June 2024.
The risk weighted assets
of the bank has increased 17% YoY to Rs 286611 crore end June 2024,
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Asset Quality
Indicators: Yes Bank
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Jun-24
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Mar-24
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Dec-23
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Sep-23
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Jun-23
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Variation
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QoQ
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YoY
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Gross NPA (Rs Crore)
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3844.90
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3982.56
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4457.41
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4319.03
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4072.67
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-3
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-6
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Net NPA (Rs Crore)
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1246.03
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1329.73
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1934.36
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1885.19
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2100.69
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-6
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-41
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% Gross NPA
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1.70
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1.70
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2.00
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2.00
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2.00
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0
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-30
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% Net NPA
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0.50
|
0.60
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0.90
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0.90
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1.00
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-10
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-50
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% PCR
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80.10
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79.30
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71.90
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72.10
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67.80
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80
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1230
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% CRAR - Basel III
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16.30
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15.40
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16.00
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17.10
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18.20
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90
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-190
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% CRAR - Tier I -
Basel III
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13.30
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12.20
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12.60
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13.10
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13.60
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110
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-30
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Variation in basis
points for figures given in percentages and in % for figures in Rs crore
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Business Highlights:
Healthy business growth:
The business of the bank
has increased 18% YoY to Rs 494638 crore end June 2024, driven by 15% surge in
advances to Rs 229565 crore. Deposits jumped 21% to Rs 265072 crore at end June
2024.
CASA deposits ratio improves:
The CASA deposits of the
bank increased 26% YoY to Rs 81567 crore at end June 2024. The current account
deposits increased 21% to Rs 36834 crore, while saving account deposits surged 31%
to Rs 44733 crore end June 2024. The CASA ratio rose to 30.8% at end June 2024
compared to 29.4% at end June 2023, while it was steady from 30.9% a quarter
ago. The term deposits have increased 19% to Rs 183505 crore end June 2024.
Strong loan growth: Advances growth was
driven by retail loans rising 8% YoY to Rs 101781 crore at end June 2024, while
credit to MSME increased 27% to Rs 71456 crore at end June 2024. The corporate
credit has improved 14% to Rs 56328 crore end June 2024.
Investment book of the bank increased 25% YoY to Rs 88514 crore at end June 2024.
The SLR book moved up 33% to Rs 79657 crore, while non SLR book declined -21% to
Rs 8857 crore at end June 2024.
Margins ease: The bank has showed 30 bps
YoY jump in cost of deposits to 6.50%, while yield on advances rose 10 bps YoY
to 10.20% in Q1FY2025. Thus, the NIM has declined -10 bps YoY, while remained
flat qoq at 2.40%.
Branch expansion: The bank has network of 1232
branches and 1308 ATM`s end June 2024.
Book value of the bank stood at Rs 14.6
per share at end June 2024, while the adjusted book value (net of NNPA and 10%
of restructured advances) was Rs 14.1 per share at end June 2024.
Quarterly Performance
Moderate NII growth on
lower NIM: Bank has recorded 20% increase in the interest earned at Rs 7719.15
crore, while interest expenses increased 23% to Rs 5475.11 crore in Q1FY2025. NII
improved 12% to Rs 2244.04 crore in the quarter ended June 2024.
Healthy growth in the
core fee income: Bank has posted strong 23% growth in core fee income to Rs 1128 crore,
while the forex income jumped 62% to Rs 102 crore. However, the treasury segment
witnessed loses of Rs 32 crore. The overall non-interest income rose 5% to Rs 1198.99
crore in the quarter ended June 2024.
Expenses ratio rises: The operating expenses
of the bank increased 10% to Rs 2557.74 crore, as other expenses moved up 15% to
Rs 1577.65 crore, while employee expenses increased 4% to Rs 980.09 crore in
Q1FY2025. Cost to income ratio rose to 74.3% in Q1FY2025 compared with 73.9% in
Q1FY2024. Operating Profit increased 8% to Rs 885.29 crore.
Provisions and
contingencies decline: The bank has showed -41% decline in provisions to Rs 211.77 crore.
The loan loss provisions increased 63% to Rs 513 crore and standard asset
provisions rebounded to Rs 17 crore. The bank has written back investment
provisions of Rs 318 crore.
Effective tax rate was steady at 25.4% in Q1FY2025 from 25.2% in Q1FY2024. Net Profit rose by 47% YoY
to Rs 502.43 crore during quarter ended June 2024.
Financial Performance
FY2024
Bank has posted 74%
increase in net profit to Rs 1251.08 crore in the year ended March 2024
(FY2024). The net interest income increased 2% to Rs 8094.62 crore, while non-interest
income moved up 39% to Rs 5114.30 crore, pushing up net total income by 14% to
Rs 13208.92 crore in FY2024. The operating expenses increased 17% to Rs 9822.66
crore, while provision and contingencies declined 15% to Rs 1886.28 crore,
allowing profit before tax to increase 56% to Rs 1499.98 crore in FY2024. The
cost-to-income ratio rose to 74.4% in FY2024 compared to 72.6% in FY2023. An
effective tax rate declined to 16.6% in FY2024 compared to 25.5% in FY2023. The
net profit has increased 74% to Rs 1251.08 crore in FY2024.
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Yes Bank: Results
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Particulars
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Interest Earned
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7719.15
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6443.22
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20
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27585.94
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22697.43
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22
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Interest Expended
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5475.11
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4443.59
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23
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19491.32
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14779.86
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32
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Net Interest Income
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2244.04
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1999.63
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12
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8094.62
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7917.57
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2
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Other Income
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1198.99
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1141.12
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5
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5114.30
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3685.06
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39
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Net Total Income
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3443.03
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3140.75
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10
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13208.92
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11602.63
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14
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Operating Expenses
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2557.74
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2322.34
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10
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9822.66
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8419.87
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17
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Operating Profits
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885.29
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818.41
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8
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3386.26
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3182.76
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6
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Provisions &
Contingencies
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211.77
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360.30
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-41
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1886.28
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2219.85
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-15
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Profit Before Tax
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673.52
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458.11
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47
|
1499.98
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962.91
|
56
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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673.52
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458.11
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47
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1499.98
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962.91
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56
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Provision for tax
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171.09
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115.59
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48
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248.90
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245.51
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1
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PAT
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502.43
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342.52
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47
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1251.08
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717.40
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74
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EPS*(Rs)
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0.6
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0.4
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0.4
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0.2
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Adj BV (Rs)
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14.1
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13.4
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13.7
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12.8
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* Annualized on current equity of
Rs 6267.13 crore. Face Value: Rs 2, Figures in Rs crore
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Source: Capitaline Corporate
Database
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