Financial Results : Al-Rajhi posts SAR 1,519 mln (-11%) net profit in Q1-2015

Al-Rajhi posts SAR 1,519 mln (-11%) net profit in Q1-2015

13/04/2015 Argaam Exclusive

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Al-Rajhi, the second largest Saudi-listed bank in terms of assets, reported a net profit of SAR 1,519 million  for first quarter, 11% lower compared to the same period in 2014:

 

First quarter's drop was mainly attributed to lower operational income and higher expenses, compared to the same period last year and the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Net Income from investments and financial activities 2,426.42 2,463.48 1.5 %
Operating Income 3,497.93 3,422.25 (2.2 %)
Debt Provisions (693.89) (521.78) 24.8 %
Net Income 1,705.80 1,518.55 (11.0 %)
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 0.43 0.38 (11.0 %)

Balance Sheet (B)

Item 3m 2014 3m 2015 Change‬
Assets 288.04 320.43 11.2 %
Customer Deposits 238.52 268.48 12.6 %
Financing Investments 193.05 205.12 6.3 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change
Q1 2006 1,554.29 25.3 % 2,273.43 45.5 % (66.18) 74.3 %
Q2 2006 1,685.24 19.3 % 2,324.94 21.0 % (79.55) 58.4 %
Q3 2006 1,774.07 20.8 % 2,218.10 8.0 % (50.52) 3.3 %
Q4 2006 1,812.49 16.4 % 2,693.42 21.3 % (56.39) (63.4 %)
Q1 2007 1,823.07 17.3 % 2,208.07 (2.9 %) (71.38) (7.9 %)
Q2 2007 1,904.94 13.0 % 2,305.67 (0.8 %) (95.97) (20.6 %)
Q3 2007 1,990.76 12.2 % 2,434.28 9.7 % (124.37) (146.2 %)
Q4 2007 2,003.05 10.5 % 2,373.08 (11.9 %) (151.52) (168.7 %)
Q1 2008 2,030.19 11.4 % 2,484.56 12.5 % (186.92) (161.9 %)
Q2 2008 2,137.58 12.2 % 2,716.35 17.8 % (272.03) (183.5 %)
Q3 2008 2,149.99 8.0 % 2,705.02 11.1 % (185.55) (49.2 %)
Q4 2008 2,178.90 8.8 % 2,669.34 12.5 % (582.92) (284.7 %)
Q1 2009 2,310.76 13.8 % 2,739.86 10.3 % (231.32) (23.8 %)
Q2 2009 2,352.80 10.1 % 2,901.43 6.8 % (421.57) (55.0 %)
Q3 2009 2,498.87 16.2 % 3,114.11 15.1 % (593.97) (220.1 %)
Q4 2009 2,191.61 0.6 % 2,749.89 3.0 % (513.88) 11.8 %
Q1 2010 2,257.51 (2.3 %) 2,832.16 3.4 % (358.86) (55.1 %)
Q2 2010 2,263.23 (3.8 %) 2,998.78 3.4 % (422.13) (0.1 %)
Q3 2010 2,371.74 (5.1 %) 2,966.13 (4.8 %) (581.30) 2.1 %
Q4 2010 2,229.94 1.7 % 2,864.07 4.2 % (546.54) (6.4 %)
Q1 2011 2,233.12 (1.1 %) 2,936.76 3.7 % (349.37) 2.6 %
Q2 2011 2,272.89 0.4 % 3,050.55 1.7 % (346.75) 17.9 %
Q3 2011 2,293.24 (3.3 %) 3,191.95 7.6 % (408.43) 29.7 %
Q4 2011 2,270.70 1.8 % 3,322.86 16.0 % (540.59) 1.1 %
Q1 2012 2,327.71 4.2 % 3,427.44 16.7 % (466.75) (33.6 %)
Q2 2012 2,272.28 0.0 % 3,427.15 12.3 % (378.30) (9.1 %)
Q3 2012 2,367.30 3.2 % 3,638.64 14.0 % (829.72) (103.1 %)
Q4 2012 2,373.60 4.5 % 3,489.79 5.0 % (644.39) (19.2 %)
Q1 2013 2,359.88 1.4 % 3,441.26 0.4 % (396.86) 15.0 %
Q2 2013 2,394.49 5.4 % 3,434.88 0.2 % (308.21) 18.5 %
Q3 2013 2,425.27 2.4 % 3,427.61 (5.8 %) (695.82) 16.1 %
Q4 2013 2,469.42 4.0 % 3,541.28 1.5 % (948.79) (47.2 %)
Q1 2014 2,426.42 2.8 % 3,497.93 1.6 % (693.89) (74.8 %)
Q2 2014 2,493.85 4.1 % 3,643.60 6.1 % (598.15) (94.1 %)
Q3 2014 2,378.18 (1.9 %) 3,439.41 0.3 % (597.10) 14.2 %
Q4 2014 2,518.88 2.0 % 3,086.04 (12.9 %) (423.04) 55.4 %
Q1 2015 2,463.48 1.5 % 3,422.25 (2.2 %) (521.78) 24.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 1,754.46 87.5 % 0.44 - 1,754.46 0.44
Q2 2006 1,776.20 32.9 % 0.44 - 1,776.20 0.44
Q3 2006 1,691.67 4.3 % 0.42 - 1,691.67 0.42
Q4 2006 2,079.56 19.5 % 0.52 - 2,079.56 0.52
Q1 2007 1,569.41 (10.5 %) 0.39 - 1,569.41 0.39
Q2 2007 1,610.22 (9.3 %) 0.40 - 1,610.22 0.40
Q3 2007 1,694.28 0.2 % 0.42 - 1,694.28 0.42
Q4 2007 1,575.75 (24.2 %) 0.39 - 1,575.75 0.39
Q1 2008 1,601.84 2.1 % 0.40 - 1,601.84 0.40
Q2 2008 1,741.85 8.2 % 0.44 - 1,741.85 0.44
Q3 2008 1,757.05 3.7 % 0.44 - 1,757.05 0.44
Q4 2008 1,423.87 (9.6 %) 0.36 - 1,423.87 0.36
Q1 2009 1,731.67 8.1 % 0.43 - 1,731.67 0.43
Q2 2009 1,771.06 1.7 % 0.44 - 1,771.06 0.44
Q3 2009 1,794.91 2.2 % 0.45 - 1,794.91 0.45
Q4 2009 1,469.59 3.2 % 0.37 - 1,469.59 0.37
Q1 2010 1,684.10 (2.7 %) 0.42 - 1,684.10 0.42
Q2 2010 1,778.61 0.4 % 0.44 - 1,778.61 0.44
Q3 2010 1,639.99 (8.6 %) 0.41 - 1,639.99 0.41
Q4 2010 1,668.13 13.5 % 0.42 - 1,668.13 0.42
Q1 2011 1,700.29 1.0 % 0.43 - 1,700.29 0.43
Q2 2011 1,843.06 3.6 % 0.46 - 1,843.06 0.46
Q3 2011 1,935.80 18.0 % 0.48 - 1,935.80 0.48
Q4 2011 1,899.12 13.8 % 0.47 - 1,899.12 0.47
Q1 2012 2,011.33 18.3 % 0.50 - 2,011.33 0.50
Q2 2012 2,092.98 13.6 % 0.52 - 2,092.98 0.52
Q3 2012 1,869.30 (3.4 %) 0.47 - 1,869.30 0.47
Q4 2012 1,911.10 0.6 % 0.48 - 1,911.10 0.48
Q1 2013 2,051.69 2.0 % 0.51 - 2,051.69 0.51
Q2 2013 2,122.72 1.4 % 0.53 - 2,122.72 0.53
Q3 2013 1,717.02 (8.1 %) 0.43 - 1,717.02 0.43
Q4 2013 1,546.56 (19.1 %) 0.39 - 1,546.56 0.39
Q1 2014 1,705.80 (16.9 %) 0.43 - 1,705.80 0.43
Q2 2014 1,948.95 (8.2 %) 0.49 - 1,948.95 0.49
Q3 2014 1,661.61 (3.2 %) 0.42 - 1,661.61 0.42
Q4 2014 1,519.81 (1.7 %) 0.38 - 1,519.81 0.38
Q1 2015 1,518.55 (11.0 %) 0.38 - 1,518.55 0.38

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2006 7.22 % 52.13 % 99.28 %
Q2 2006 7.26 % 49.46 % 99.44 %
Q3 2006 7.20 % 45.99 % 94.62 %
Q4 2006 7.29 % 43.40 % 95.35 %
Q1 2007 6.76 % 40.23 % 90.14 %
Q2 2007 6.15 % 35.86 % 85.39 %
Q3 2007 6.07 % 34.65 % 82.96 %
Q4 2007 5.61 % 29.46 % 75.14 %
Q1 2008 5.05 % 28.98 % 74.28 %
Q2 2008 4.81 % 28.62 % 74.31 %
Q3 2008 4.64 % 28.03 % 73.44 %
Q4 2008 4.53 % 25.77 % 69.24 %
Q1 2009 4.38 % 26.85 % 68.05 %
Q2 2009 4.27 % 26.11 % 67.00 %
Q3 2009 4.11 % 25.42 % 66.26 %
Q4 2009 4.05 % 24.27 % 68.19 %
Q1 2010 4.03 % 25.15 % 69.15 %
Q2 2010 3.95 % 23.61 % 70.48 %
Q3 2010 3.81 % 23.35 % 70.06 %
Q4 2010 3.81 % 22.93 % 72.39 %
Q1 2011 3.62 % 23.56 % 72.75 %
Q2 2011 3.50 % 22.38 % 73.28 %
Q3 2011 3.62 % 23.55 % 77.00 %
Q4 2011 3.64 % 23.13 % 79.13 %
Q1 2012 3.52 % 24.66 % 81.58 %
Q2 2012 3.51 % 23.95 % 84.18 %
Q3 2012 3.42 % 23.74 % 82.68 %
Q4 2012 3.23 % 22.54 % 81.40 %
Q1 2013 3.11 % 23.22 % 80.97 %
Q2 2013 3.11 % 22.04 % 79.92 %
Q3 2013 3.00 % 21.79 % 77.81 %
Q4 2013 2.72 % 19.84 % 73.54 %
Q1 2014 2.52 % 18.69 % 69.90 %
Q2 2014 2.43 % 17.70 % 67.67 %
Q3 2014 2.40 % 17.73 % 67.40 %
Q4 2014 2.33 % 17.01 % 66.94 %
Q1 2015 2.19 % 16.15 % 64.97 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2006 96.53 17.4 % 73.35 14.0 % 83.95 18.7 %
Q2 2006 101.21 14.1 % 72.28 5.6 % 88.23 14.5 %
Q3 2006 104.24 16.8 % 73.61 7.2 % 90.96 17.1 %
Q4 2006 105.21 10.7 % 73.40 4.7 % 89.56 11.8 %
Q1 2007 113.89 18.0 % 81.08 10.5 % 98.50 17.3 %
Q2 2007 124.73 23.2 % 90.45 25.2 % 109.33 23.9 %
Q3 2007 124.71 19.6 % 91.12 23.8 % 108.34 19.1 %
Q4 2007 124.89 18.7 % 89.73 22.2 % 104.88 17.1 %
Q1 2008 143.05 25.6 % 101.44 25.1 % 122.70 24.6 %
Q2 2008 150.04 20.3 % 108.50 19.9 % 124.51 13.9 %
Q3 2008 163.26 30.9 % 118.27 29.8 % 136.68 26.2 %
Q4 2008 163.37 30.8 % 116.61 30.0 % 140.68 34.1 %
Q1 2009 160.78 12.4 % 119.88 18.2 % 110.35 (10.1 %)
Q2 2009 163.23 8.8 % 122.95 13.3 % 112.17 (9.9 %)
Q3 2009 163.72 0.3 % 123.28 4.2 % 113.21 (17.2 %)
Q4 2009 170.73 4.5 % 122.86 5.4 % 112.15 (20.3 %)
Q1 2010 172.42 7.2 % 129.46 8.0 % 117.13 6.1 %
Q2 2010 177.29 8.6 % 134.93 9.7 % 118.32 5.5 %
Q3 2010 181.52 10.9 % 139.48 13.1 % 119.28 5.4 %
Q4 2010 184.84 8.3 % 143.06 16.4 % 120.06 7.1 %
Q1 2011 203.03 17.8 % 160.44 23.9 % 124.25 6.1 %
Q2 2011 214.65 21.1 % 166.40 23.3 % 127.81 8.0 %
Q3 2011 212.89 17.3 % 166.80 19.6 % 134.70 12.9 %
Q4 2011 220.73 19.4 % 177.73 24.2 % 140.31 16.9 %
Q1 2012 234.17 15.3 % 186.09 16.0 % 151.84 22.2 %
Q2 2012 238.21 11.0 % 185.97 11.8 % 158.22 23.8 %
Q3 2012 247.25 16.1 % 195.15 17.0 % 165.55 22.9 %
Q4 2012 267.38 21.1 % 221.34 24.5 % 171.94 22.5 %
Q1 2013 275.61 17.7 % 231.81 24.6 % 180.49 18.9 %
Q2 2013 273.28 14.7 % 227.42 22.3 % 184.89 16.9 %
Q3 2013 272.98 10.4 % 225.52 15.6 % 185.45 12.0 %
Q4 2013 279.87 4.7 % 231.59 4.6 % 186.81 8.6 %
Q1 2014 288.04 4.5 % 238.52 2.9 % 193.05 7.0 %
Q2 2014 295.15 8.0 % 245.42 7.9 % 200.93 8.7 %
Q3 2014 298.71 9.4 % 250.03 10.9 % 203.65 9.8 %
Q4 2014 307.71 9.9 % 256.08 10.6 % 205.94 10.2 %
Q1 2015 320.43 11.2 % 268.48 12.6 % 205.12 6.3 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2006 75.99 % 114.45 % 86.97 %
Q2 2006 71.41 % 122.07 % 87.17 %
Q3 2006 70.61 % 123.57 % 87.25 %
Q4 2006 69.76 % 122.02 % 85.13 %
Q1 2007 71.19 % 121.49 % 86.48 %
Q2 2007 72.52 % 120.87 % 87.65 %
Q3 2007 73.06 % 118.90 % 86.87 %
Q4 2007 71.85 % 116.89 % 83.98 %
Q1 2008 70.91 % 120.96 % 85.77 %
Q2 2008 72.31 % 114.76 % 82.99 %
Q3 2008 72.45 % 115.56 % 83.72 %
Q4 2008 71.38 % 120.64 % 86.11 %
Q1 2009 74.56 % 92.05 % 68.63 %
Q2 2009 75.33 % 91.23 % 68.72 %
Q3 2009 75.30 % 91.83 % 69.15 %
Q4 2009 71.96 % 91.28 % 65.69 %
Q1 2010 75.09 % 90.47 % 67.93 %
Q2 2010 76.11 % 87.69 % 66.74 %
Q3 2010 76.84 % 85.51 % 65.71 %
Q4 2010 77.40 % 83.92 % 64.96 %
Q1 2011 79.02 % 77.45 % 61.20 %
Q2 2011 77.52 % 76.81 % 59.54 %
Q3 2011 78.35 % 80.75 % 63.27 %
Q4 2011 80.52 % 78.95 % 63.57 %
Q1 2012 79.47 % 81.59 % 64.84 %
Q2 2012 78.07 % 85.08 % 66.42 %
Q3 2012 78.93 % 84.83 % 66.96 %
Q4 2012 82.78 % 77.68 % 64.31 %
Q1 2013 84.11 % 77.86 % 65.49 %
Q2 2013 83.22 % 81.30 % 67.66 %
Q3 2013 82.61 % 82.23 % 67.93 %
Q4 2013 82.75 % 80.67 % 66.75 %
Q1 2014 82.81 % 80.94 % 67.02 %
Q2 2014 83.15 % 81.87 % 68.07 %
Q3 2014 83.70 % 81.45 % 68.17 %
Q4 2014 83.22 % 80.42 % 66.93 %
Q1 2015 83.79 % 76.40 % 64.01 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2006 4,000.00 1.61 1.61 - 3.66
Q2 2006 4,000.00 1.72 1.72 - 4.10
Q3 2006 4,000.00 1.74 1.74 - 4.52
Q4 2006 4,000.00 1.83 1.83 - 5.04
Q1 2007 4,000.00 1.78 1.78 - 5.19
Q2 2007 4,000.00 1.74 1.74 - 5.59
Q3 2007 4,000.00 1.74 1.74 - 5.51
Q4 2007 4,000.00 1.61 1.61 - 5.90
Q1 2008 4,000.00 1.62 1.62 - 6.00
Q2 2008 4,000.00 1.65 1.65 - 5.96
Q3 2008 4,000.00 1.67 1.67 - 6.40
Q4 2008 4,000.00 1.63 1.63 - 6.76
Q1 2009 4,000.00 1.66 1.66 - 6.40
Q2 2009 4,000.00 1.67 1.67 - 6.84
Q3 2009 4,000.00 1.68 1.68 - 6.82
Q4 2009 4,000.00 1.69 1.69 - 7.19
Q1 2010 4,000.00 1.68 1.68 - 6.96
Q2 2010 4,000.00 1.68 1.68 - 7.41
Q3 2010 4,000.00 1.64 1.64 - 7.25
Q4 2010 4,000.00 1.69 1.69 - 7.58
Q1 2011 4,000.00 1.70 1.70 - 7.44
Q2 2011 4,000.00 1.71 1.71 - 7.90
Q3 2011 4,000.00 1.79 1.79 - 7.92
Q4 2011 4,000.00 1.84 1.84 - 8.37
Q1 2012 4,000.00 1.92 1.92 - 8.15
Q2 2012 4,000.00 1.98 1.98 - 8.67
Q3 2012 4,000.00 1.97 1.97 - 8.66
Q4 2012 4,000.00 1.97 1.97 - 9.12
Q1 2013 4,000.00 1.98 1.98 - 8.92
Q2 2013 4,000.00 1.99 1.99 - 9.38
Q3 2013 4,000.00 1.95 1.95 - 9.24
Q4 2013 4,000.00 1.86 1.86 - 9.62
Q1 2014 4,000.00 1.77 1.77 - 10.05
Q2 2014 4,000.00 1.73 1.73 - 10.17
Q3 2014 4,000.00 1.72 1.72 - 10.11
Q4 2014 4,000.00 1.71 1.71 - 10.47
Q1 2015 4,000.00 1.66 1.66 - 10.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 More than 100 More than 100 23.46
Q2 2006 32.64 32.64 13.71
Q3 2006 30.17 30.17 11.61
Q4 2006 17.85 17.85 6.46
Q1 2007 16.80 16.80 5.76
Q2 2007 13.85 13.85 4.30
Q3 2007 16.80 16.80 5.30
Q4 2007 27.28 27.28 7.45
Q1 2008 19.28 19.28 5.21
Q2 2008 19.97 19.97 5.54
Q3 2008 17.87 17.87 4.66
Q4 2008 12.88 12.88 3.11
Q1 2009 11.67 11.67 3.04
Q2 2009 14.09 14.09 3.44
Q3 2009 16.69 16.69 4.11
Q4 2009 15.80 15.80 3.72
Q1 2010 19.10 19.10 4.61
Q2 2010 16.79 16.79 3.81
Q3 2010 17.98 17.98 4.07
Q4 2010 18.40 18.40 4.11
Q1 2011 17.19 17.19 3.92
Q2 2011 15.99 15.99 3.47
Q3 2011 14.54 14.54 3.28
Q4 2011 14.14 14.14 3.11
Q1 2012 16.15 16.15 3.81
Q2 2012 13.94 13.94 3.19
Q3 2012 13.58 13.58 3.09
Q4 2012 12.37 12.37 2.67
Q1 2013 12.45 12.45 2.77
Q2 2013 13.58 13.58 2.88
Q3 2013 14.86 14.86 3.14
Q4 2013 14.73 14.73 2.85
Q1 2014 15.82 15.82 2.79
Q2 2014 15.85 15.85 2.70
Q3 2014 16.89 16.89 2.87
Q4 2014 12.23 12.23 2.00
Q1 2015 14.05 14.05 2.22

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
Q1 2006 1,888.40 252.51 136.73 - -
Q2 2006 1,872.69 296.16 151.89 - -
Q3 2006 1,676.99 258.95 282.17 - -
Q4 2006 2,066.76 312.91 313.75 - -
Q1 2007 1,404.95 276.84 379.04 147.25 -
Q2 2007 1,528.09 300.40 353.31 123.87 -
Q3 2007 1,565.27 330.99 448.75 89.27 -
Q4 2007 1,231.21 680.74 379.48 81.65 -
Q1 2008 1,570.79 318.25 487.12 108.40 -
Q2 2008 1,523.36 627.22 435.67 130.10 -
Q3 2008 1,680.98 517.19 409.09 97.77 -
Q4 2008 1,281.50 716.02 664.64 7.18 -
Q1 2009 1,645.16 552.24 465.23 77.23 -
Q2 2009 1,775.16 559.19 490.68 76.40 -
Q3 2009 1,810.65 658.00 449.13 196.34 -
Q4 2009 1,922.88 397.79 316.50 112.72 -
Q1 2010 1,703.43 759.63 288.63 80.47 -
Q2 2010 2,129.32 546.37 244.22 78.87 -
Q3 2010 2,003.27 576.74 320.68 65.44 -
Q4 2010 2,045.36 497.60 263.80 57.31 -
Q1 2011 2,036.25 507.80 313.00 79.70 -
Q2 2011 2,133.25 467.95 220.40 228.95 -
Q3 2011 2,298.24 424.18 425.55 43.98 -
Q4 2011 2,380.18 431.63 148.37 362.68 -
Q1 2012 2,341.44 489.00 297.00 300.00 -
Q2 2012 2,527.07 463.82 328.17 108.09 -
Q3 2012 2,272.49 547.47 263.42 555.26 -
Q4 2012 2,415.62 425.49 361.85 286.83 -
Q1 2013 2,442.26 453.00 333.00 213.00 -
Q2 2013 2,558.28 340.35 329.32 206.93 -
Q3 2013 2,574.82 513.26 246.41 93.12 -
Q4 2013 2,250.99 540.62 547.20 202.47 -
Q1 2014 2,473.81 455.85 345.28 223.00 -
Q2 2014 2,388.47 646.75 289.71 318.67 -
Q3 2014 2,651.16 501.66 381.88 (95.29) -
Q4 2014 2,726.69 (47.16) 293.61 112.90 -
Q1 2015 2,589.61 373.42 306.52 152.70 -

Analysts Estimates (Million)

Item Q1 2015 (e) Q1 2015 (a) Change‬
Average 1,705.00 1,518.55 (10.9 %)

Estimates vs Actual (Million)

Item Q1 2015 (e) Q1 2015 (a) Change
Albilad Capital 1,550.00 1,518.55 (2.0) %
Alistithmar Capital 1,705.50 1,518.55 (11.0) %
OSOOL AND BAKHEET 1,753.00 1,518.55 (13.4) %
Value Capital 1,811.50 1,518.55 (16.2) %

Current
Market Cap (M) 374,000.00
Shares Outstanding ((M)) 4,000.00
EPS ( Riyal) (TTM) 4.59
EPS Diluted ( Riyal) (TTM) 4.37
Book Value (BV) ( Riyal) 23.73
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.35
P/E (TTM) 20.35
Price/book 3.94
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 20.3

Share Price

93.50
0.50 0.54 %

Al Rajhi Bank (ALRAJHI)


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