REG - Royal Bk Scot.Grp. - Interim Management Statement <Origin Href="QuoteRef">RBS.L</Origin> - Part 3
28/10/2016 07:06
- Part 3: For the preceding part double click ID:nRSb6780Nb
for all other segments, of the monthly average of segmental risk-weighted assets incorporating the effect capital deductions (RWAes). RBS
Return on equity is calculated using profit for the period attributable to ordinary shareholders.
(6) Funded assets exclude derivative assets.
Segment performance
Nine months ended Quarter ended
30 September 30 September 30 September 30 June 30 September
2016 2015 2016 2016 2015
Total income by segment £m £m £m £m £m
UK PBB
Personal advances 630 570 216 210 185
Personal deposits 547 566 186 195 186
Mortgages 1,733 1,736 596 573 591
Cards 464 481 148 174 159
Business banking 544 546 188 181 182
Other 33 47 2 7 10
Total 3,951 3,946 1,336 1,340 1,313
Ulster Bank RoI
Corporate 142 109 43 43 38
Retail 291 246 96 95 91
Other 6 79 7 (3) 35
Total income 439 434 146 135 164
Commercial Banking
Commercial lending 1,372 1,223 472 464 380
Deposits 365 352 116 124 123
Asset and invoice finance 537 542 181 179 184
Other 274 340 80 79 113
Total 2,548 2,457 849 846 800
Private Banking
Investments 74 65 24 22 20
Banking 422 421 141 144 140
Total 496 486 165 166 160
RBS International 278 272 93 95 87
CIB
Rates 719 557 348 258 160
Currencies 394 295 128 122 96
Financing 183 260 78 55 32
Other (89) (55) (28) (31) 20
Total excluding own credit adjustments 1,207 1,057 526 404 308
Own credit adjustments 82 186 (55) 73 78
Businesses transferred to Commercial Banking - 98 - - 20
Total 1,289 1,341 471 477 406
Capital Resolution
APAC portfolio (1) (3) 68 (5) 1 17
Americas portfolio 11 52 1 3 5
EMEA portfolio (2) 27 62 8 9 15
Legacy loan portfolio (8) 155 31 (25) 22
Shipping 37 66 6 15 21
Markets (177) 212 212 (360) 58
Global Transaction Services 107 277 24 35 48
Other 42 (84) 11 23 (46)
Total excluding disposals and own credit
adjustments 36 808 288 (299) 140
Disposal losses (247) (187) (143) (102) (89)
Own credit adjustments 142 180 (42) 76 38
Total (69) 801 103 (325) 89
Williams & Glyn (3)
Retail 351 355 120 116 119
Commercial 269 270 89 90 92
Total 620 625 209 206 211
Central items (178) 77 (62) 60 (47)
Total RBS 9,374 10,439 3,310 3,000 3,183
Notes:
(1) Asia-Pacific portfolio.
(2) European, the Middle East and African portfolio.
(3) Williams & Glyn refers to the business formerly intended to be divested as a separate legal entity and comprises RBS England and Wales branch-based businesses, along with certain small and medium enterprises and corporate activities across the UK.
Segment performance
Nine months ended Quarter ended
30 September 30 September 30 September 30 June 30 September
2016 2015 2016 2016 2015
Impairment losses/(releases) by segment £m £m £m £m £m
UK PBB
Personal advances 46 56 26 14 12
Mortgages 17 (1) (1) 14 (9)
Business banking (7) (55) (8) 1 3
Cards 11 11 10 (5) 3
Other - 9 - - (7)
Total 67 20 27 24 2
Ulster Bank RoI
Mortgages 59 (94) 60 (2) (36)
Commercial real estate
- investment (23) 2 (18) - (1)
- development (19) 1 (12) (5) (2)
Other lending (83) (40) (69) (7) (15)
Total (66) (131) (39) (14) (54)
Commercial Banking
Commercial real estate (4) 10 . (6) 4 4
Asset and invoice finance 14 1 1 10 (2)
Private sector services (education, health etc) 1 5 - - 2
Banks & financial institutions 2 1 1 1 -
Wholesale and retail trade repairs 9 3 10 (4) 3
Hotels and restaurants 20 - 21 (1) 1
Manufacturing 2 1 - 1 1
Construction 5 5 - 4 3
Other (1) 74 16 (7) 74 4
Total 123 42 20 89 16
Private Banking 5 1 3 - 4
RBS International 11 - - 9 (1)
Corporate & Institutional Banking - (5) - - -
Capital Resolution 383 (369) 120 67 (50)
Williams & Glyn (2)
Retail 21 15 11 5 3
Commercial 10 (20) 3 6 2
Total 31 (5) 14 11 5
Central items (1) 47 (1) - (1)
Total RBS 553 (400) 144 186 (79)
30 September 30 June 31 December
2016 2016 2015
Analysis of Capital Resolution RWAs by portfolio £m £m £m
APAC portfolio (3) 0.1 0.2 0.5
Americas portfolio 0.3 0.3 1.0
EMEA portfolio (4) 1.2 1.1 1.2
Legacy loan portfolio 2.0 2.2 3.7
Shipping 3.5 4.0 4.5
Markets 17.1 19.2 20.7
Global Transaction Services 1.8 2.5 3.6
Saudi Hollandi Bank 7.9 7.9 6.9
Other 1.9 2.1 2.9
Total credit and market risk RWAs 35.8 39.5 45.0
Operational risk 2.8 2.8 4.0
Total RWAs 38.6 42.3 49.0
Notes:
(1) Includes a single name charge taken in respect of the oil and gas portfolio.
(2) Williams & Glyn refers to the business formerly intended to be divested as a separate legal entity and comprises RBS England and Wales branch-based businesses, along with certain small and medium enterprises and corporate activities across the UK.
(3) Asia-Pacific portfolio.
(4) European, the Middle East and Africa portfolio.
Segment Performance
30 September 30 June 31 December
2016 2016 2015
Loans and advances to customers (gross) by segment (1) £bn £bn £bn
UK PBB
Personal advances 6.0 6.0 6.0
Mortgages 114.7 111.4 104.8
Business banking 6.4 6.2 5.3
Cards 3.9 3.9 4.1
Other - - 1.4
Total 131.0 127.5 121.6
Ulster Bank RoI
Mortgages 16.0 15.6 13.8
Commercial real estate
- investment 1.0 1.0 0.7
- development 0.4 0.4 0.2
- other lending 4.4 4.4 3.9
Total 21.8 21.4 18.6
Commercial Banking
Commercial real estate 17.5 17.8 16.7
Asset and invoice finance 15.0 14.8 14.4
Private sector services (education, health etc) 6.9 6.8 6.7
Banks & financial institutions 8.9 8.2 7.1
Wholesale and retail trade repairs 8.2 8.2 7.5
Hotels and restaurants 3.6 3.6 3.3
Manufacturing 6.4 7.0 5.3
Construction 2.0 2.1 2.1
Other 32.3 31.7 28.9
Total 100.8 100.2 92.0
Private Banking
Personal advances 2.3 2.5 2.7
Mortgages 6.7 6.8 6.5
Other 2.8 2.5 2.0
Total 11.8 11.8 11.2
RBS International
Corporate 6.1 5.9 4.5
Mortgages 2.6 2.6 2.5
Other - - 0.4
Total 8.7 8.5 7.4
Capital Resolution 17.9 21.0 25.9
Williams & Glyn (2)
Retail 12.2 12.1 11.6
Commercial 8.6 8.5 8.7
Total 20.8 20.6 20.3
Central items 0.1 0.5 2.0
Balance sheet
Corporate & Institutional Banking
Reverse repos 42.7 43.1 38.6
Loans and advances to customer (gross) 19.9 21.6 16.1
Loans and advances to banks (gross) (3) 5.9 6.3 5.7
Securities 26.4 30.1 23.7
Cash and eligible bills 6.4 10.3 14.3
Other 11.2 14.2 4.9
Total funded assets 112.5 125.6 103.3
Notes:
(1) Excludes reverse repurchase agreements and includes disposal groups.
(2) Williams & Glyn refers to the business formerly intended to be divested as a separate legal entity and comprises RBS England and Wales branch-based businesses, along with certain small and medium enterprises and corporate activities across the UK.
(3) Excludes disposal groups.
Segment performance
UK Personal & Business Banking
● Operating profit was £567 million compared with £549 million in Q3 2015 with 2% income growth and a 3% reduction in operating expenses partially offset by a modestly higher impairment charge. Compared with Q2 2016, adjusted operating profit improved by
£57 million to £591 million principally due to a £42 million FSCS levy charge included in the prior quarter. Adjusted return on equity of 28% compared with 29% in Q3 2015.
● UK PBB continued to deliver support for both personal and business customers with net loans and advances of £129.6 billion up £13.3 billion, or 11%, compared with Q3 2015, primarily due to mortgage growth. Gross new mortgage lending in the quarter of £7.9
billion was 12% higher with market share of new mortgages at approximately 12% supporting a growth in stock share to 8.7%.
● The Reward proposition continues to show positive momentum and now has more than one million customer accounts with improved levels of customer engagement. In addition, we continue to make better use of digital channels, with over 4.3 million customers
regularly using our mobile app.
● Total income of £1,336 million was £23 million, or 2%, higher than Q3 2015. Net interest income increased by £30 million, or 3%, principally reflecting strong volume growth and savings re-pricing benefits partially offset by asset margin pressure. Net
interest margin declined by 23 basis points to 2.96% reflecting the change in mix of the asset base towards mortgage lending from unsecured lending, mortgage customers switching from standard variable rate (SVR) and lower returns on current account
structural hedges. SVR mortgages represented 12% of the total mortgage book (Q3 2015 - 15%). Non-interest income reduced by £7 million, or 3%, primarily due to reduced credit card interchange fees, £13 million, and higher cash back payments on the Reward
account.
● Adjusted expenses reduced by £16 million, or 2%, compared with Q3 2015 with a £43 million, or 16%, reduction in direct costs, primarily due to an 18% reduction in FTEs driving lower staff costs, partially offset by increased technology investment in the
business. Compared with Q2 2016 adjusted expenses reduced by £64 million principally reflecting a £42 million FSCS levy charge in Q2 2016 and a £12 million reduction in staff costs as FTEs reduced a further 1,300 in the quarter.
● The net impairment charge of £27 million, which continues to reflect benign credit conditions, increased by £25 million compared with Q3 2015 primarily due to reduced portfolio provision releases. Default levels remain low across all portfolios.
● RWAs were £1.4 billion, or 4%, lower than Q3 2015 with lending growth more than offset by improved overall credit quality. The reduction of £5.1 billion in the quarter principally reflects the unwind of mortgage risk parameter model recalibrations taken in
H1 2016 and improved credit quality.
Segment performance
Ulster Bank RoI
● Operating profit of E69 million was E74 million lower than Q3 2015 primarily reflecting a lower net impairment release and one-off income gains in Q3 2015. Adjusted operating profit of E81 million was E8 million higher than Q2 2016 as a E31 million increase in net impairment releases was partially offset by E19 million one-off accrual releases in Q2 2016.
● Ulster Bank RoI built upon its strong H1 2016 performance in mortgage lending, adding a further E0.3 billion of gross new lending in the quarter, up 51% compared with Q3 2015. The low yielding tracker mortgage portfolio declined by a further E0.3 billion to E11.1 billion.
● Total income of E171 million was E57 million lower than Q3 2015 due to reduced income on free funds and one off in Q3 2015, including a E17 million profit on the sale of a buy-to-let mortgage portfolio, as well as a E33 million gain realised on the closure of a foreign exchange exposure.
● Adjusted operating expenses reduced by E15 million, or 10%, compared with Q3 2015 to E138 million. Compared with Q2 2016 adjusted expenses increased by E22 million primarily due to one-off accrual releases of E19 million in Q2 2016.
● The Q3 2016 impairment release of E48 million included a net impairment write back associated with the sale of a portfolio of loans, partially offset by additional provisions in respect of mortgages.
● REILs were E5.6 billion in Q3 2016, increasing E0.4 billion on Q2 2016 primarily driven by a widening of the definition of non-performing loans which are considered to be impaired to include multiple forbearance arrangements and probationary mortgages. The amendment to the definition does not have a material impact on provisions. It is expected that the sale of a portfolio of loans will materially reduce Ulster Bank RoI REIL when complete in Q4 2016.
● Credit metrics continue to benefit from the improving economic environment supporting a reduction in RWAs of 7% to E24.7 billion compared with Q3 2015. RWAs on the tracker mortgage portfolio reduced by E1.1 billion, or 10%, compared with Q3 2015 to E9.6 billion.
Commercial Banking
● Operating profit of £355 million in Q3 2016 compared with £376 million in Q3 2015. Adjusted operating profit of £382 million was £7 million higher than Q3 2015 and was £122 million higher than Q2 2016, principally reflecting a single name impairment charge taken in respect of the oil and gas portfolio in Q2 2016. Adjusted return on equity of 10.4% compared with 12.3% in Q3 2015.
● Total income increased by £49 million to £849 million compared with Q3 2015. Excluding the impact of business transfers(1), income increased by 1% largely reflecting increased asset and liability volumes. Net interest margin fell by 17 basis points from Q3 2015 to 1.72% driven by asset margin pressure in a competitive market and low rate environment.
● Excluding business transfers(1), adjusted operating expenses increased by £13 million compared with Q3 2015 but reduced by £53 million compared to Q2 2016 reflecting cost efficiencies and a £25 million intangible asset write down in Q2 2016.
● Net impairment losses of £20 million were £4 million higher than Q3 2015 and £69 million lower than Q2 2016 reflecting the non-repeat of a single name charge taken in respect of the oil and gas portfolio.
● Net loans and advances, adjusting for the impact of business transfers(1), increased by £6.5 billion from Q3 2015, principally reflecting increased borrowing across mid and large corporate customers. Net loans and advances continued to grow in the quarter, up £0.6 billion, but at a slower rate than in H1 2016.
● RWAs were £77.6 billion, an increase of £6.9 billion compared to Q3 2015, adjusting for business transfers(1), reflecting asset growth partially offset by reduced RWA intensity.
Note:
(1) The business transfers included: total income of £42 million (Q2 2016 - £53 million; Q3 2015 - nil); operating expenses of £25 million (Q2 2016 - £22 million; Q3 2015 - nil); impairments of £7 million (Q2 2016 £7 million; Q3 2015 - nil) net loans and advances to customers of £4.2 billion (30 June 2016 - £5.2 billion; 30 September 2015 - nil); and RWAs of £6.5 billion (30 June 2016 - £8.5 billion; 30 September 2015 - nil).
Segment performance
Private Banking
● Operating profit of £50 million was £12 million higher than Q3 2015 and was £9 million higher than Q2 2016. Adjusted return on equity of 11.8% compared with 7.1% in Q3 2015.
● Total income of £165 million increased by £5 million, 3%, compared with Q3 2015 as the benefit of increased asset volumes has been partially offset by reduced net interest margin, down 10 basis points to 2.62% reflecting the lower interest rate environment.
● Adjusted operating expenses were 8% lower than Q3 2015 at £109 million principally reflecting management actions to reduce operational costs and a £13 million VAT recovery.
● Net loans and advances increased 6% to £11.8 billion, due to increased mortgage lending, and customer deposits grew by 11% to £25.3 billion compared with Q3 2015. Assets under management(1) increased by £3.1 billion to £16.6 billion reflecting market and underlying growth. In addition, investment cash balances were included in assets under management for the first time in Q3 2016, excluding this, growth was £1.7 billion.
RBS International
● Operating profit of £54 million was 8% higher than Q3 2015 driven by increased income. Adjusted return on equity of 15.1% compared with 18.8% in Q3 2015.
● Total income increased 7% compared with Q3 2015 to £93 million driven by increased asset volumes partially offset by lower asset margins.
● Net loans and advances to customers increased by £1.7 billion to £8.7 billion compared with Q3 2015 principally reflecting balance draw-downs in the funds sector lending portfolio and foreign exchange movements.
● Customer deposits increased by £3.2 billion to £25.5 billion reflecting the transfer in of the Luxembourg branch from Capital Resolution in Q2 2016 and foreign exchange movements.
Corporate & Institutional Banking (CIB)
● An operating profit of £90 million compared with an operating loss of £109 million in Q3 2015. Adjusted operating profit of £184 million compared with an adjusted operating loss of £30 million in Q3 2015, with the improvement principally reflecting an increase in adjusted income.
● Adjusted income, excluding a £20 million movement associated with the transfer of portfolios to Commercial Banking(2), increased by £218 million to £526 million. The increase was primarily driven by an increase in Rates, reflecting sustained customer activity and favourable market conditions following the EU referendum and central bank actions. Total income, which includes own credit adjustments, increased by £65 million, or 16%, to £471 million compared with £406 million in Q3 2015.
● Operating expenses reduced by £134 million, or 26%, to £381 million compared with £515 million in Q3 2015 principally reflecting lower restructuring costs. Adjusted operating expenses fell by £16 million, or 4%, to £342 million as the business reshaping and FTE reductions were partially offset by the impact of investment spend that was previously capitalised.
● RWAs increased by £3.7 billion compared with Q3 2015 to £36.6 billion, adjusting for the impact of transfers to Commercial Banking(2), principally due to model updates and the impact of market volatility throughout 2016.
Notes:
(1) AUM's constitute assets under management, assets under custody and investment cash.
(2) CIB's results include the following financials for businesses subsequently transferred to Commercial Banking: total income of £98 million for nine months ended 2015 (Q3 2015 - £20 million) and RWAs of £5.9 billion as at 30 September 2015.
Segment performance
Capital Resolution
● RWAs reduced by £3.7 billion in the quarter to £38.6 billion reflecting disposal activity, partially offset by an increase due to the weakening of sterling.
● Funded assets reduced by £9.8 billion in Q3 2016 to £34.9 billion with the most significant reductions across Markets and GTS.
● An operating loss of £454 million in Q3 2016 compared with a loss of £798 million in Q3 2015 and a loss of £612 million in Q2 2016.
● Total income of £103 million increased by £428 million compared with Q2 2016 primarily due to a £160 million partial reversal of the £220 million additional funding valuation adjustment made in Q2 2016 following the EU referendum.
● Adjusted operating expenses of £173 million were 50% lower than Q3 2015 principally reflecting a reduction in FTE and associated cost efficiencies.
● A net impairment loss of £120 million in the quarter, compared with £67 million in Q2 2016, and included a charge of £190 million in respect of the shipping portfolio. An impairment release of £50 million was reported in Q3 2015.
● RWAs have fallen by £21.1 billion to £38.6 billion from Q3 2015, primarily due to run-off and loan portfolio disposals. Funded assets have reduced by £31.1 billion to £34.9 billion for the same period.
Williams & Glyn
● Operating profit reduced by £31 million to £84 million compared with Q3 2015, whilst adjusted operating profit reduced by £19 million to £96 million. Adjusted operating profit was in line with Q2 2016.
● Total income was broadly stable compared with Q3 2015 at £209 million as the growth in the balance sheet has been more than offset by net interest margin reduction. Net interest margin of 2.65% was 23 basis points lower than Q3 2015 and was 5 basis points lower than Q2 2016.
● Adjusted operating expenses increased by £8 million, or 9%, to £99 million compared with Q3 2015, reflecting previous activity undertaken to create a standalone entity. Compared with Q2 2016, adjusted operating expenses were flat.
● A net impairment loss of £14 million was reported in Q3 2016 compared with a loss of £5 million in Q3 2015.
● Net loans and advances increased by £0.6 billion, or 3%, to £20.6 billion compared with Q3 2015. Gross mortgage lending increased by £0.7 billion, or 7%, to £10.9 billion and commercial lending was £0.3 billion, or 3%, lower at £8.6 billion.
Central items & other
● Central items not allocated represented a charge of £545 million in Q3 2016, an increase of £207 million compared with Q3 2015. Treasury funding costs were a charge of £177 million (compared with a charge of £117 million in Q3 2015) driven by a £150
million IFRS volatility charge. Restructuring costs in the quarter included £289 million relating to Williams & Glyn (Q3 2015 - £190 million). Partially offsetting this was a gain of £97 million was recognised arising from a partial recycling of the
accumulated foreign exchange reserve triggered by a capital reduction in a foreign subsidiary.
Selected statutory financial statements
Condensed consolidated income statement for the period ended 30 September 2016 (unaudited)
Nine months ended Quarter ended
30 September 30 September 30 September 30 June 30 September
2016 2015* 2016 2016 2015*
£m £m £m £m £m
Interest receivable 8,432 9,070 2,776 2,827 2,963
Interest payable (1,932) (2,465) (609) (650) (776)
Net interest income 6,500 6,605 2,167 2,177 2,187
Fees and commissions receivable 2,519 2,838 843 810 880
Fees and commissions payable (592) (558) (200) (180) (195)
Income from trading activities 384 1,045 401 (55) 170
(Loss)/gain on redemption of own debt (127) - 3 (130) -
Other operating income 690 509 96 378 141
Non-interest income 2,874 3,834 1,143 823 996
Total income 9,374 10,439 3,310 3,000 3,183
Staff costs (3,982) (4,449) (1,287) (1,372) (1,562)
Premises and equipment (1,006) (1,380) (354) (328) (635)
Other administrative expenses (3,234) (3,096) (1,095) (1,564) (730)
Depreciation and amortisation (529) (994) (175) (176) (282)
Write down of other intangible assets (89) (673) - (69) (67)
Operating expenses (8,840) (10,592) (2,911) (3,509) (3,276)
Profit/(loss) before impairment (losses)/releases 534 (153) 399 (509) (93)
Impairment (losses)/releases (553) 400 (144) (186) 79
Operating (loss)/profit before tax (19) 247 255 (695) (14)
Tax (charge)/credit (922) (284) (582) (260) 3
Loss from continuing operations (941) (37) (327) (955) (11)
Profit from discontinued operations, net of tax - 1,451 - - 1,093
(Loss)/profit for the period (941) 1,414 (327) (955) 1,082
.
Attributable to:
Non-controlling interests 37 389 7 8 45
Preference share and other dividends 343 264 135 114 97
Dividend access share 1,193 - - - -
Ordinary shareholders (2,514) 761 (469) (1,077) 940
(Loss)/earnings per ordinary share (EPS) (1)
Basic EPS from continuing and discontinued operations (21.5p) 6.6p (3.9p) (9.3p) 8.1p
Basic EPS from continuing operations (21.5p) (3.2p) (3.9p) (9.3p) (1.0p)
*Restated - refer to page 31 for further details
Note:
(1) There was no dilutive impact in any period.
Selected statutory financial statements
Condensed consolidated statement of comprehensive income for the period ended 30 September 2016 (unaudited)
Nine months ended Quarter ended
30 September 30 September 30 September 30 June 30 September
2016 2015* 2016 2016 2015*
£m £m £m £m £m
(Loss)/profit for the period (941) 1,414 (327) (955) 1,082
Items that do not qualify for reclassification
(Loss)/gain on remeasurement of retirement benefit schemes (1,047) 20 (52) (466) 3
Tax 285 (4) 12 130 (1)
(762) 16 (40) (336) 2
Items that do qualify for reclassification
Available-for-sale financial assets (162) (95) (67) (87) (50)
Cash flow hedges 1,515 (302) (66) 635 408
Currency translation 1,276 (1,177) 205 489 (604)
Tax (297) 106 63 (122) (38)
2,332 (1,468) 135 915 (284)
Other comprehensive income/(loss) after tax 1,570 (1,452) 95 579 (282)
Total comprehensive income/(loss) for the period 629 (38) (232) (376) 800
Total comprehensive income/(loss) is attributable to:
Non-controlling interests 157 357 32 53 58
Preference shareholders 192 223 79 57 80
Paid-in equity holders 151 41 56 57 17
Dividend access share 1,193 - - - -
Ordinary shareholders (1,064) (659) (399) (543) 645
629 (38) (232) (376) 800
*Restated - refer to page 31 for further details
Selected statutory financial statements
Condensed consolidated balance sheet as at 30 September 2016 (unaudited)
30 September 30 June 31 December
2016 2016 2015
£m £m £m
Assets
Cash and balances at central banks 69,254 65,307 79,404
Net loans and advances to banks 19,741 21,763 18,361
Reverse repurchase agreements and stock borrowing 12,251 14,458 12,285
Loans and advances to banks 31,992 36,221 30,646
Net loans and advances to customers 326,736 326,503 306,334
Reverse repurchase agreements and stock borrowing 33,704 31,320 27,558
Loans and advances to customers 360,440 357,823 333,892
Debt securities 79,784 84,058 82,097
Equity shares 728 749 1,361
Settlement balances 10,298 13,405 4,116
Derivatives 283,049 326,023 262,514
Intangible assets 6,506 6,525 6,537
Property, plant and equipment 4,490 4,589 4,482
Deferred tax 1,684 2,217 2,631
Prepayments, accrued income and other assets 4,140 4,311 4,242
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