业务规模方面，截至2024年末，集团资产总额13624.08亿元，比年初增加483.65亿元，增幅3.68%。其 中贷款和垫款总额较上年末减少110.84亿元，降幅1.52%；金融投资较上年末增加350.30亿元，主要原 因是增持债券投资；拆出资金较上年末增加153.31亿元，主要是根据市场情况和集团内资产负债安排增 加业务。 2024年，集团实现利息收入379.60亿元，同比减少37.86亿元。非利息收入方面，2024年，集团手续费及 佣金净收入5.62亿元，同比减少2.86亿元，手续费及佣金净收入占营业收入总额的3.55%；交易净收入 为3.84亿元，主要为以公允价值计量且其变动计入当期损益的金融资产的利息收入；金融投资净收益 12.26亿元，主要为以公允价值计量且其变动计入其他综合收益的金融投资及以摊余成本计量的金融投 资的买卖价差。 2024年，集团的净利差较上年同期下降27个基点至1.06%，净利息收益率较上年同期下降28个基点至 1.11%。 近日，广州农商银行发布2024年度业绩公告。经营效益方面，报告期内，集团实现营业收入158.32亿 元，同比下降12.79%；实现净利润24.16亿元，同比 ...

南方财经全媒体记者 庞成 广州报道 3月28日晚间，港股上市银行广州农商银行（01551.HK）发布2024年年度业绩报告。 报告显示，2024年，广州农商银行实现营业收入158.32亿元，同比减少12.79%；实现净利润24.16亿 元，同比减少25.89%。净利息差为1.06%，不良贷款率为1.66%。截至2024年末，该行资产总额为 13624.08亿元，较年初增加483.65亿元，增幅3.68%，资产规模保持增长。 广州农商银行董事长蔡建在业绩公告中称，2024年，该行全年累计投放中小额贷款超1000亿元，同比增 长近50%，中小额资产业务核心竞争力初步形成，中小额资产业务已成最重要增长点。 此外，该行董事会同日还通过建议，拟发行规模不超过400亿元，每年度发行规模不超过150亿元的金融 债，募集资金以用于该行优化资产负债期限匹配结构，增加中长期稳定负债来源并支持中长期资产业务 的开展。 资产质量实现逐步回稳 广州农商银行表示，2024年，该行聚焦打造中小银行高质量发展的广州样本，持续发力效益提升，加速 调优业务结构，全面加强资产质量管理，着力提升管理水平，经营发展总体保持稳健。 不过，从上述公告来看 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Guangzhou Rural Commercial Bank Co., Ltd.* 廣州農村商業銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） （股份代號：1551） 截至2024年12月31日止年度業績公告 目錄 | 釋義 | 2 | | --- | --- | | 董事長致辭 | 4 | | 行長致辭 | 7 | | 基本信息 | 10 | | 財務數據摘要 | 17 | | 管理層討論與分析 | 20 | | 三農金融服務情況 | 71 | | 股份變動及股東情況 | 77 | | 董事、監事、高級管理人員及員工情況 | 88 | | 企業管治報告 | 107 | | 董事會報告 | 146 | | 監事會報告 | 158 | | 獨立審計師報告 | 164 | | 財務報表及附註 | 171 | | 未經審計補充財務信息 | 326 | 釋義 本報告中，除非文義另有所指外，下 ...

目錄 | 釋義 | 2 | | --- | --- | | 本行基本信息 | 4 | | 財務摘要 | 8 | | 管理層討論與分析 | 11 | | 股本變動及股東情況 | 52 | | 董事、監事、高級管理人員及員工情況 | 62 | | 公司治理 | 68 | | 重要事項 | 78 | | 組織架構圖 | 80 | | 中期財務資料審閱報告 | 81 | | 中期財務報表及附註 | 82 | | 未經審閱補充財務信息 | 166 | 釋義 本報告中，除非文義另有所指外，下列詞語具有如下涵義： | 「公司章程」或「章程」 | 指 | 本行於2023年6月20日舉行的股東大會審議通過並於2023年10月30 | | --- | --- | --- | | | | 日經國家金融監督管理總局廣東監管局核准生效的本行公司章程 | | 「董事會」 | 指 | 本行董事會 | | 「監事會」 | 指 | 本行監事會 | | 「中國銀保監會」 | 指 | 原中國銀行保險監督管理委員會 | | 「中國銀監會」 | 指 | 原中國銀行業監督管理委員會 | | 「人民銀行」或「央行」 | 指 | 中國人民銀行 | | 或「 ...

香港交易及 結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Guangzhou Rural Commercial Bank Co., Ltd.* 廣州農村商業銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） （股份代號：1551） 截 至2024年6月30日止六個月中期業績公告 廣州農村商業銀行股份有限公司*（「本 行」）董 事 會（「董事會」）宣 佈 本 行 及 附 屬 公 司（合 稱 為「本集團」）截 至2024年6月30日止六個月之未經審計 的 合 併 中 期 業 績（「中期業績」）。本 業 績 公 告 所 載 列 本 集 團 截 至2024年6 月30日 止 六 個 月 之 中 期 業 績，其 內 容 是 根 據 適 用 的 香 港 聯 合 交 易 所 有 限 公 司（「香港聯交所」）證 券 上 市 規 則 披 露 要 求 及 按 照 國 際 財 務 報 告 準 則 編 ...

厂州农商银行 GUANGZHOU RUBAL COMEBOW HOW 廣州農村商業銀行股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代碼：1551 l 2023 年度報告 SERCEANK | --- | --- | |------------------------------------|-------| | | | | 釋義 | 2 | | 董事長致辭 | 4 | | 行長致辭 | 6 | | 基本信息 | 8 | | 財務數據摘要 | 16 | | 管理層討論與分析 | 19 | | 股本變動及股東情況 | 63 | | 董事、監事、高級管理人員及員工情況 | 74 | | 企業管治報告 | 95 | | 董事會報告 | 127 | | 監事會報告 | 139 | | 三農金融服務報告 | 149 | | 獨立審計師報告 | 154 | | 財務報表及附註 | 162 | | 未經審計補充財務信息 | 334 | 目錄 釋義 | --- | --- | |------------------------------------------------------|--------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 Guangzhou Rural Commercial Bank Co., Ltd.* 廣州農村商業銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） （H股股份代號：1551） （優先股股份代號：4618） 截 至2023年12月31日止年度業績公告 廣州農村商業銀行股份有限公司*（「本 行」）董 事 會（「董事會」）宣 佈 本 行 及 其 附 屬 公 司（合 稱 為「本集團」）截 至2023年12月31日 止 年 度（「報告期」） 根 據 國 際 會 計 準 則 理 事 會 頒 佈 的《國 際 財 務 報 告 準 則》（「國際財務報告準 則」）編 製 的 經 審 計 的 合 併 年 度 業 績（「年度業績」）。董 事 會 及 其 轄 下 的 審 計 委 員 會 已 審 閱 此 年 度 業 績。除 另 有 指 明 外，本 ...

：广州农商银行 廣州農村商業銀行股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號: 1551 2023 中期報告 目錄 | --- | --- | |-------|------------------------------------| | | | | 2 | 釋義 | | 4 | 本行基本信息 | | 7 | 財務數據摘要 | | 10 | 管理層討論與分析 | | 54 | 股本變動及股東情況 | | 65 | 董事、監事、高級管理人員及員工情況 | | 71 | 公司治理 | | 81 | 重要事項 | | 83 | 組織架構圖 | | 84 | 中期財務資料審閱報告 | | 85 | 中期財務報表及附註 | | 186 | 未經審閱補充財務信息 | 釋義 本報告中，除非文義另有所指外，下列詞語具有如下涵義： | --- | --- | |-----------------------------------------|------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 Guangzhou Rural Commercial Bank Co., Ltd.* 廣 州 農 村 商 業 銀 行 股 份 有 限 公 司 * （於中華人民共和國註冊成立的股份有限公司） （H股股份代號：1551） （優先股股份代號：4618） 截 至2023年6月30日 止 六 個 月 中 期 業 績 公 告 廣 州 農 村 商 業 銀 行 股 份 有 限 公 司*（「本 行」）董 事 會（「董 事 會」）宣 佈 本 行 及 附 屬 公 司（「本 集 團」）截 至2023年6月30日 止 六 個 月 之 未 經 審 計 的 合 併 中期業績（「中期業績」）。本業績公告列載本集團截至2023年6月30日止六 個月之中期業績，其內容是根據適用的香港聯合交易所有限公司（「香港 聯交所」）證券上市規則披露要求及按照國際財務報告準則編製。董事會 及董事會審計委員會已審閱此中期業績。 本 業 績 公 告 於 ...

Financial Performance - Total assets of the company reached RMB 1,233.5 billion, a year-on-year increase of 6.18%[5] - Customer deposits grew by 7.15% year-on-year[5] - Total loans and advances increased by 5.22% year-on-year[5] - Net profit attributable to shareholders rose by 9.98% year-on-year[5] - Net interest income decreased by 5.00% to RMB 18,582.02 million in 2022 compared to 2021[19] - Fee and commission income increased by 4.78% to RMB 1,382.08 million in 2022[19] - Total operating income decreased by 3.99% to RMB 22,544.65 million in 2022[19] - Net profit attributable to shareholders increased by 9.98% to RMB 3,492.16 million in 2022[19] - Total assets increased by 6.18% to RMB 1,233,454.45 million in 2022[19] - Interest income increased by 1,252.45 million RMB (2.94%) to 43,818.40 million RMB in 2022 compared to 2021[32] - Interest expense rose by 2,229.59 million RMB (9.69%) to 25,236.38 million RMB in 2022[32] - Net interest income decreased by 977.14 million RMB (5.00%) to 18,582.02 million RMB in 2022[32] - Net profit increased by 261.49 million RMB (6.92%) to 4,037.78 million RMB in 2022[32] - Pre-tax profit grew by 53.06 million RMB (1.19%) to 4,510.35 million RMB in 2022[32] - Credit impairment losses decreased by 1,914.17 million RMB (15.26%) to 10,626.00 million RMB in 2022[32] - Net interest margin (NIM) declined to 1.69% in 2022 from 2.00% in 2021[33] - Customer loans and advances averaged 664,045.00 million RMB with an average yield of 4.93% in 2022[33] - Total interest-bearing liabilities averaged 1,107,332.82 million RMB with an average cost rate of 2.28% in 2022[33] - Total interest-earning assets averaged 1,097,359.84 million RMB with an average yield of 3.99% in 2022[33] - The group's overall interest-earning assets average yield decreased by 37 basis points to 3.99% in 2022, while the average cost rate of interest-bearing liabilities decreased by 7 basis points to 2.28%[34] - Net interest margin decreased by 31 basis points to 1.69% in 2022[34] - Interest income increased by RMB 1.25245 billion in 2022, driven by a RMB 5.20983 billion increase due to scale factors and a RMB 3.95738 billion decrease due to interest rate factors[34] - Interest expense increased by RMB 2.22959 billion in 2022, with a RMB 3.28806 billion increase due to scale factors and a RMB 1.05847 billion decrease due to interest rate factors[34] - The group achieved interest income of RMB 43.818 billion in 2022, an increase of RMB 1.252 billion or 2.94% year-on-year[35] - Customer loan and advance interest income was RMB 32.73973 billion in 2022, an increase of RMB 258 million or 0.79% year-on-year, with an average yield decrease of 37 basis points to 4.93%[36] - Interest income from receivables from other financial institutions decreased by RMB 79 million or 3.52% year-on-year to RMB 2.17314 billion in 2022[37] - Interest expense increased by RMB 2.230 billion or 9.69% year-on-year to RMB 25.236 billion in 2022[39] - Customer deposit interest expense increased by RMB 1.318 billion or 7.42% year-on-year to RMB 19.07819 billion in 2022, with an average cost rate decrease of 2 basis points to 2.22%[40][41] - Interest expense on payables to other financial institutions decreased by RMB 292 million or 14.06% year-on-year to RMB 1.78264 billion in 2022, mainly due to a decline in interbank liability interest rates[42] - Fee and commission net income in 2022 was RMB 13.82 billion, an increase of RMB 0.63 billion, or 4.78% YoY, accounting for 6.13% of total operating income[43] - Trading net income in 2022 was RMB 1.077 billion, primarily from interest income and fair value changes of financial investments measured at fair value through profit or loss[44] - Net income from financial investments in 2022 was RMB 510 million, mainly from fair value changes of financial investments measured at fair value through other comprehensive income and gains from financial investments measured at amortized cost[45] - Other operating net income in 2022 was RMB 993 million, primarily from PBOC interest rate swap incentives and exchange gains/losses[46] - Operating expenses in 2022 were RMB 7.346 billion, an increase of RMB 926 million, or 14.42% YoY, with employee costs being the largest component at RMB 4.855 billion, up 23.16% YoY[47][48] - Asset impairment losses in 2022 were RMB 10.688 billion, with credit impairment losses accounting for RMB 10.626 billion, a decrease of 15.26% YoY[51] - Total assets as of December 31, 2022, were RMB 1,233.454 billion, an increase of RMB 71.826 billion, or 6.18% YoY, driven by growth in loans and advances (up 5.22% YoY) and financial investments (up 11.20% YoY)[53][54] - Total loans and advances increased by RMB 34.309 billion (5.22%) to RMB 6,919.72 billion as of December 31, 2022, with corporate loans growing by RMB 33.558 billion (8.24%) to RMB 4,405.85 billion[55] - Personal loans increased by RMB 7.529 billion (4.75%) to RMB 1,659.59 billion, while bill financing decreased by RMB 6.778 billion (7.35%) to RMB 854.29 billion[55] - Working capital loans, fixed asset loans, and financial lease receivables increased by RMB 23.113 billion (14.53%), RMB 13.435 billion (6.00%), and RMB 2.094 billion (11.17%) respectively, reaching RMB 1,821.95 billion, RMB 2,373.04 billion, and RMB 208.42 billion[56] - Personal mortgage loans and personal business loans increased by RMB 2.27 billion (0.31%) and RMB 5.951 billion (9.12%) respectively, while personal consumption loans and credit card balances grew by RMB 948 million (9.44%) and RMB 403 million (4.13%)[57] - Bank acceptance bill financing decreased by RMB 15.965 billion, while commercial acceptance bill financing increased by RMB 9.187 billion[58] - Mortgage loans, pledged loans, and credit loans increased by RMB 7.155 billion (2.20%), RMB 919 million (2.55%), and RMB 27.120 billion (20.43%) respectively, while guaranteed loans decreased by RMB 885 million (0.54%)[58] - Total investments increased by RMB 35.199 billion (11.20%) to RMB 3,494.37 billion, with financial assets measured at amortized cost growing by RMB 39.113 billion (24.85%) to RMB 1,965.17 billion[59] - Total liabilities increased by RMB 70.462 billion (6.56%) to RMB 11,452.05 billion, with customer deposits growing by RMB 60.718 billion (7.15%) to RMB 9,104.85 billion[62] - Customer deposits increased by 7.15% to RMB 910.485 billion, with personal deposits growing by 13.90% to RMB 516.654 billion and corporate deposits decreasing by 5.71% to RMB 358.236 billion[64] - The proportion of demand deposits decreased by 2.92 percentage points to 32.97%, while the proportion of time deposits (excluding margin and other deposits) increased by 0.92 percentage points to 63.12%[64] - The non-performing loan (NPL) ratio increased by 0.28 percentage points to 2.11%, and the proportion of special mention loans rose by 3.59 percentage points to 7.71%[68] - The total shareholder equity reached RMB 88.249 billion, with paid-in capital at RMB 11.451 billion, capital reserve at RMB 18.951 billion, and undistributed profits at RMB 19.995 billion[65] - The leasing and business services sector accounted for 37.50% of the total non-performing corporate loans, with an NPL ratio of 3.57%, up from 25.13% and 2.64% respectively in the previous year[70] - The wholesale and retail trade sector accounted for 37.34% of the total non-performing corporate loans, with an NPL ratio of 7.60%, slightly up from 7.35% in the previous year[70] - The real estate sector's non-performing loans increased to 13.50% of the total, with an NPL ratio of 2.83%, up from 5.66% and 1.00% respectively in the previous year[70] - The manufacturing sector's non-performing loans accounted for 4.78% of the total, with an NPL ratio of 1.18%, down from 1.54% in the previous year[70] - The construction sector's non-performing loans decreased to 1.55% of the total, with an NPL ratio of 0.50%, down from 2.36% in the previous year[70] - The health and social work sector's non-performing loans accounted for 1.17% of the total, with an NPL ratio of 5.76%, down from 7.02% in the previous year[70] - The non-performing loan ratio increased to 2.11% at the end of 2022, up by 0.28 percentage points compared to the previous year[74] - Corporate loans accounted for 81.38% of total loans, with a non-performing loan ratio of 2.70%[73] - Personal loans accounted for 18.62% of total loans, with a non-performing loan ratio of 1.64%[73] - Overdue loans decreased by RMB 4.813 billion to RMB 26.936 billion, with the overdue loan ratio dropping by 0.94 percentage points to 3.89%[76] - Restructured loans and advances increased by RMB 3.473 billion to RMB 23.004 billion[77] - The capital adequacy ratio decreased to 12.59% at the end of 2022, down by 0.50 percentage points[79] - The leverage ratio stood at 6.09% at the end of 2022[80] - Corporate banking business contributed 50.78% to total operating income, while retail banking contributed 39.62%[81] - Off-balance sheet items included RMB 51.149 billion in acceptance bills, RMB 32.556 billion in issued guarantees, and RMB 150.325 billion in loan commitments[82] - Corporate deposits reached 363.1 billion yuan, an increase of 11.6 billion yuan from the beginning of the year, ranking third in Guangzhou[84] - Corporate loan balance increased by 34 billion yuan to 396.5 billion yuan by the end of 2022[86] - Successfully issued the first green financial bond of 3 billion yuan, expanding funding sources and reducing financing costs for green enterprises[86] - Launched the "Green Enterprise Loan" and "Specialized and Sophisticated Loan" to support green finance and specialized enterprises[86] - Retail deposit scale ranked second in Guangzhou, with annual deposit growth reaching a historical high[89] - Introduced 14 differentiated and scenario-based deposit products targeting rural, education, and small customer segments[89] - Upgraded Huadu Branch to a Green Finance Reform and Innovation Pilot Zone Branch, elevating green finance to a strategic level[85] - Obtained approval for cross-border trade and investment facilitation services in the Nansha New Area, becoming the first local bank in Guangzhou with this qualification[87] - Won multiple awards for bond underwriting, including the Best Credit Bond Underwriter Award for four consecutive years[88] - Enhanced digital transformation in transaction banking, launching electronic letter of credit systems and supply chain factoring services[87] - Retail loan business grew steadily in 2022, with the company launching multiple mortgage loan products and establishing strategic partnerships with leading real estate developers and mortgage intermediaries[90] - The company's consumer loan business improved in quality and efficiency in 2022, with the launch of the "Jinmi Consumption e-Loan" and expansion of customer groups for the "Jinmi Fingertip Loan"[90] - Platform loans saw significant growth in 2022, with the successful launch of three major platform loans and the development of a second batch of bank-type platform loans[90] - Wealth management business focused on customer service management, product system construction, investment advisory services, and system support upgrades in 2022[91] - The company's wealth management business won multiple awards in 2022, including the "Golden Bull Award for Wealth Management Banks" and the "Golden Ding Award for Wealth Management Banks"[92] - The company issued a "Jinmi Rural Revitalization Card" debit card and the first cross-branch social security card in Guangdong Province in 2022[93] - Credit card business saw a 5.6% year-on-year increase in cumulative card issuance, reaching 1.9931 million cards by the end of 2022[94] - Financial market business achieved steady growth in scale and quality in 2022, with optimized asset and liability structures and reduced liability costs[95] - The company's core capabilities in financial market business were enhanced in 2022, with total transaction volume exceeding 11.8 trillion yuan by the end of the year[96] - The company explored new business models in financial markets in 2022, including bond reverse repurchase transactions and bond borrowing and lending[96] - The bank's wealth management product balance reached 69.946 billion yuan by the end of 2022[98] - The bank issued 19.341 billion yuan in small business loans, benefiting 5,192 customers, ranking first among local legal entities in the province[100] - The bank provided 7.643 billion yuan in loan repayment extensions, assisting 2,184 customers[100] - The bank completed interest subsidies for 273 first-time borrowers (individuals and enterprises), involving 908 million yuan in loans, ranking first among local legal entities in the province[100] - The bank's WeChat banking service had 1.2637 million customers by the end of 2022[102] - The bank's "Jinmi Market" e-commerce platform generated nearly 3 million yuan in sales for agricultural products in 2022[103] - The bank has 605 branches (including 1 specialized institution), with 586 in Guangzhou, ranking first in the region[103] - The bank has 2,065 self-service terminals, including 1,044 ATMs, 473 self-service inquiry terminals, and 548 intelligent service terminals[104] - The bank has 255 smart banking outlets with 548 STM devices[104] - The bank achieved stable operation of all major information systems in 2022, with no unplanned system interruptions[105] - The company successfully launched 46 projects in 2022, including a risk management system, a small and micro financial service platform, a corporate intelligent marketing system, and an intelligent voice outbound system, effectively supporting the development and management of various business lines[109] - The company introduced new technologies such as RPA robots and federated learning, reducing manual workload and enhancing business processing efficiency[110] - The company achieved a customer service satisfaction rate of 99.12% in 2022, with 1,263 consumer complaints handled across all channels, all resolved in a timely manner[111] - The company conducted consumer rights protection education activities, covering approximately 15 million people, and received multiple awards from regulatory authorities[111] - The company established a comprehensive risk management governance structure, covering all business lines, branches, and subsidiaries, and continuously optimized its risk management framework[112] - The company strengthened credit risk management by improving the organizational structure, establishing a cross-departmental post-loan management supervision group, and enhancing the credit approval process[114] - The company promoted the use of a "credit investigation APP" for pre-loan processes, optimized review tools for mid-loan processes, and revised post-loan systems to strengthen risk monitoring[115] - The company enhanced risk asset control by revising management measures, optimizing risk management assessment mechanisms, and increasing the weight of asset quality assessment indicators[115] - The company completed the second phase of the risk system project group, with all functions within the project scope successfully launched, and implemented electronic management of credit files[116] - The company established a scientific liquidity risk management mechanism to ensure timely fulfillment of liquidity needs and payment obligations under normal or stressed conditions[117] - The company's liquidity coverage ratio reached 397.90% and the net stable funding ratio was 118.62% at the end of 2022[118] - The company conducted regular liquidity risk stress tests and increased testing during sensitive periods to enhance monitoring and prevention[118] - The company's market risk indicators were all within acceptable limits, and stress tests showed the ability to withstand valuation changes impacting revenue, net profit, and capital adequacy[119] - The company strengthened operational risk management by setting up quantitative monitoring indicators and conducting internal control checks[120] - The company implemented multiple measures to enhance information technology risk management, including issuing new regulations and conducting emergency drills[121] - The company focused on compliance risk management by improving the system construction and conducting case risk investigations[122] - The company continued to strengthen legal risk management and improved the risk prevention and control capabilities[123] - The company completed key projects in anti-money laundering system reconstruction and self-assessment of money laundering risks[124] - The company established a sound reputation risk management mechanism to effectively respond to negative public opinion events[125] - The