DONGGUAN RURAL COMMERCIAL BANK CO., LTD.

Income Statement Dongguan Rural Commercial Bank Co., Ltd.

Stocks

9889

CNE100004QH8

Banks

Delayed Hong Kong S.E. 22:57:49 2026-09-28 EDT			5-day change	1st Jan Change
3.120 ^HKD	-0.32%		+0.16%	-11.86%

09-23	Dongguan Rural Commercial Bank Co., Ltd. Announces Board Changes	CI
09-22	Dongguan Rural Commercial Bank Co., Ltd. Announces Board and Committee Changes, Effective September 22, 2026	CI

66d9a8282bd68d3fe1f3dcdb41a9ddc.PvHOlPN6v4NeMXjY9nMyN81k8t9_jqm_6z9p3aWkwUI.R6b518ML_u0IdSmHsBR-AKoRmJFKwuXwoV4qluP2oHYTgYLYlxjXwDlmIQ

Published financial data: DONGGUAN RURAL COMMERCIAL BANK CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (CNY)	2022 (CNY)	2023 (CNY)	2024 (CNY)	2025 (CNY)
Interest Income On Loans	21.96B	22.78B	23.08B	21.92B	19.96B
Interest Income, Total	21.96B	22.78B	23.08B	21.92B	19.96B
Interest On Deposits	11.42B	11.85B	12.51B	12.75B	11.13B
Interest Expense, Total	11.42B	11.85B	12.51B	12.75B	11.13B
Net Interest Income	10.53B	10.93B	10.57B	9.17B	8.83B
Income From Trading Activities	1.06B	1.29B	1.08B	1.85B	579M
Gain (Loss) on Sale of Assets	51.44M	8.19M	4.13M	6.25M	7.93M
Gain (Loss) on Sale of Invest. & Securities - (Rev)	521M	75.35M	707M	708M	1.83B
Income (Loss) on Equity Invest. (Income Block)	-	-	-	-	-
Total Other Non Interest Income	833M	925M	895M	575M	454M
Non Interest Income, Total	2.46B	2.3B	2.69B	3.14B	2.87B
Revenues Before Provison For Loan Losses	13B	13.24B	13.26B	12.31B	11.7B
Provision For Loan Losses	2.44B	2.24B	3.32B	3.48B	3.39B
Total Revenues	10.55B	11B	9.94B	8.83B	8.31B
Salaries And Other Employee Benefits	3.2B	3.18B	3.02B	3.06B	2.89B
Occupancy Expense	395M	423M	423M	429M	447M
Selling General & Admin Expenses, Total	851M	998M	1.23B	1.12B	1.15B
(Income) Loss on Real Estate Property	-	-	-	-	-
(Income) Loss on Equity Invest.	-33.83M	-34.85M	-51.86M	-24.44M	-45M
Total Other Non Interest Expense	155M	145M	148M	143M	137M
Non Operating (Income) Expenses	-	-	-	-	-
Non Interest Expense, Total	4.56B	4.71B	4.77B	4.73B	4.58B
EBT, Excl. Unusual Items	5.99B	6.28B	5.17B	4.1B	3.73B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	5.99B	6.28B	5.17B	4.1B	3.73B
Income Tax Expense	287M	202M	-176M	-757M	-145M
Earnings From Continuing Operations	5.7B	6.08B	5.35B	4.86B	3.88B
Net Income to Company	5.7B	6.08B	5.35B	4.86B	3.88B
Minority Interest	-113M	-151M	-185M	-236M	-22.92M
Net Income - (IS)	5.59B	5.93B	5.16B	4.62B	3.85B
Net Income to Common Incl Extra Items	5.59B	5.93B	5.16B	4.62B	3.85B
Net Income to Common Excl. Extra Items	5.59B	5.93B	5.16B	4.62B	3.85B
Per Share Items
Net EPS - Basic	0.93	0.86	0.75	0.67	0.56
Basic EPS - Continuing Operations	0.93	0.86	0.75	0.67	0.56
Basic Weighted Average Shares Outstanding	6.03B	6.89B	6.89B	6.89B	6.89B
Net EPS - Diluted	0.93	0.86	0.75	0.67	0.56
Diluted EPS - Continuing Operations	0.93	0.86	0.75	0.67	0.56
Diluted Weighted Average Shares Outstanding	6.03B	6.89B	6.89B	6.89B	6.89B
Normalized Basic EPS	0.6	0.55	0.44	0.34	0.34
Normalized Diluted EPS	0.6	0.55	0.44	0.34	0.34
Dividend Per Share	0.29	0.29	0.26	0.25	0.22
Payout Ratio	26.7	34.65	39.79	40.57	45.99
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
Effective Tax Rate - (Ratio)	4.79	3.21	-3.41	-18.44	-3.89
Current Domestic Taxes	776M	867M	563M	11.86M	375M
Total Current Taxes	776M	867M	563M	11.86M	375M
Deferred Domestic Taxes	-489M	-665M	-739M	-769M	-520M
Total Deferred Taxes	-489M	-665M	-739M	-769M	-520M
Normalized Net Income	3.63B	3.78B	3.05B	2.33B	2.31B

Fiscal Period: December	2021 (CNY)	2022 (CNY)	2023 (CNY)	2024 (CNY)	2025 (CNY)
Assets
Cash And Equivalents	20.14B	24.2B	21.97B	16.62B	14.07B
Investment Securities, Total	218B	222B	255B	280B	293B
Trading Asset Securities, Total	29.79B	52.52B	53.27B	43.87B	51.92B
Total investments	247B	275B	308B	324B	345B
Gross Loans	298B	332B	355B	381B	409B
Allowance For Loan Losses	-9.03B	-10.92B	-13.29B	-14.41B	-15.11B
Net Loans	289B	321B	342B	367B	394B
Gross Property Plant And Equipment	6.04B	6.16B	6.2B	6.5B	6.63B
Accumulated Depreciation	-2.57B	-2.75B	-2.9B	-3.03B	-3.21B
Net Property Plant And Equipment	3.47B	3.41B	3.3B	3.46B	3.42B
Goodwill	521M	521M	521M	521M	521M
Other Intangibles, Total	63.56M	45.54M	42.71M	93.16M	159M
Investment in Real Estate	12.23M	10.56M	8.9M	7.23M	5.6M
Accrued Interest Receivable	1.97B	2.18B	2.41B	2.3B	2.58B
Other Receivables	170M	132M	106M	106M	106M
Restricted Cash	26.08B	25.78B	25.41B	25.93B	26.89B
Other Current Assets, Total	679M	924M	191M	415M	2.22B
Deferred Tax Assets Long-Term (Collected)	3.33B	4.06B	4.71B	4.73B	5.76B
Other Real Estate Owned And Foreclosed	108M	86.31M	86.31M	164M	146M
Deferred Charges Long-Term	158M	303M	336M	479M	548M
Other Long-Term Assets, Total	242M	231M	167M	451M	311M
Total Assets	593B	658B	709B	746B	796B
Liabilities
Accounts Payable, Total	298M	293M	244M	363M	350M
Accrued Expenses, Total	2.65B	2.79B	2.82B	2.91B	2.72B
Interest Bearing Deposits	235B	250B	292B	327B	334B
Non-Interest Bearing Deposits	205B	224B	209B	206B	213B
Total Deposits	440B	474B	501B	532B	548B
Short-Term Borrowings	13.89B	29.77B	25.41B	19.52B	9.63B
Current Portion of Long-Term Debt	67.43B	80.38B	98.19B	98.4B	143B
Current Portion of Leases	117M	116M	118M	115M	112M
Long-Term Debt	11.7B	7.02B	12.12B	17.13B	15.1B
Long-Term Leases	342M	341M	397M	383M	365M
Current Income Taxes Payable	184M	87.98M	548K	542K	86.18M
Accrued Interest Payable	5.38B	6.62B	8.73B	10.02B	10.86B
Other Current Liabilities - (Bank / Utility Template)	287M	846M	61.93M	264M	298M
Unearned Revenue Non Current	145M	11.08M	-	-	-
Pension & Other Post Retirement Benefits	54.16M	91.58M	117M	101M	44.76M
Other Non Current Liabilities	737M	1.45B	1.69B	1.95B	2.41B
Total Liabilities	543B	604B	651B	683B	733B
Common Stock, Total	6.89B	6.89B	6.89B	6.89B	6.89B
Retained Earnings	33.47B	37.4B	40.57B	43.3B	45.43B
Comprehensive Income and Other	7.02B	6.83B	7.19B	9.36B	7.97B
Total Common Equity	47.38B	51.13B	54.65B	59.55B	60.29B
Minority Interest	2.6B	2.69B	2.84B	2.91B	2.73B
Total Equity	49.98B	53.82B	57.49B	62.47B	63.02B
Total Liabilities And Equity	593B	658B	709B	746B	796B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	6.89B	6.89B	6.89B	6.89B	6.89B
ECS Total Common Shares Outstanding	6.89B	6.89B	6.89B	6.89B	6.89B
Book Value / Share	6.88	7.42	7.93	8.64	8.75
Tangible Book Value	46.79B	50.56B	54.09B	58.94B	59.61B
Tangible Book Value Per Share	6.79	7.34	7.85	8.56	8.65
Average Loans	279B	317B	349B	375B	394B
Total Debt	93.49B	118B	136B	136B	169B
Deposits at Interest - Cash	22.01B	22.25B	20.83B	14.38B	12.24B
Net Debt	33.89B	34.34B	53.09B	63.42B	88.22B
Equity Method Investments, Total	455M	480M	633M	644M	691M
Full Time Employees	7.96K	8.01K	7.92K	7.86K	7.8K
Number Of Offices	505	505	499	485	414

Fiscal Period: December	2021 (CNY)	2022 (CNY)	2023 (CNY)	2024 (CNY)	2025 (CNY)
Net Income	5.59B	5.93B	5.16B	4.62B	3.85B
Depreciation, Depletion & Amortization	395M	393M	393M	397M	410M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	395M	393M	393M	397M	410M
Amortization of Deferred Charges, Total	-	29.85M	30.18M	32.66M	36.64M
(Gain) Loss On Sale of Asset - (CF)	-51.44M	-8.19M	-4.13M	-6.25M	-7.93M
(Gain) Loss on Sale of Investments - (CF)	-1.58B	-1.21B	-1.78B	-2.54B	-2.42B
Total Asset Writedown	-	-	-	-	58.83M
Provision for Credit Losses	2.44B	2.24B	3.32B	3.48B	3.23B
(Income) Loss On Equity Investments - (CF)	-33.83M	-34.85M	-51.86M	-24.44M	-45M
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-59.12B	-18.38B	-14.15B	-47.8B	-42.34B
Other Operating Activities	-5.19B	-5.03B	-5.01B	-5.14B	-4.15B
Cash from Operations	-57.54B	-16.06B	-12.09B	-46.97B	-41.38B
Capital Expenditure	-381M	-339M	-206M	-252M	-376M
Sale of Property, Plant, and Equipment	66.7M	134M	16.28M	19.81M	6.84M
Investment in Marketable and Equity Securities, Total	-8.56B	-19.88B	-295B	-284B	-296B
Other Investing Activities, Total	187M	55.74M	272B	284B	284B
Cash from Investing	-8.69B	-20.03B	-22.8B	22.22M	-11.88B
Long-Term Debt Issued, Total	81.72B	84.83B	132B	162B	169B
Total Debt Issued	81.72B	84.83B	132B	162B	169B
Long-Term Debt Repaid, Total	-66.06B	-90.47B	-126B	-152B	-139B
Total Debt Repaid	-66.06B	-90.47B	-126B	-152B	-139B
Issuance of Common Stock	7.55B	-	-	-	-
Common Dividends Paid	-1.49B	-2.06B	-2.05B	-1.88B	-1.77B
Common & Preferred Stock Dividends Paid	-1.49B	-2.06B	-2.05B	-1.88B	-1.77B
Net Increase (Decrease) in Deposit Accounts - (CF)	41.52B	45.34B	27.91B	33.13B	24.01B
Special Dividend Paid	-861M	-	-	-	-
Other Financing Activities, Total	-201M	-	-	-242M	-52.83M
Cash from Financing	62.18B	37.64B	31.59B	40.57B	51.4B
Foreign Exchange Rate Adjustments	-238M	117M	14.61M	17.36M	-26.06M
Miscellaneous Cash Flow Adjustments	-	-50M	-	-	-
Net Change in Cash	-4.29B	1.62B	-3.28B	-6.36B	-1.88B
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	995M	963M	650M	11.87M	-76.22M
Net Debt Issued / Repaid	15.66B	-5.64B	5.74B	9.56B	29.22B

Fiscal Period: December	2021 (CNY)	2022 (CNY)	2023 (CNY)	2024 (CNY)	2025 (CNY)
Profitability
Return on Assets	1	0.97	0.78	0.67	0.5
Return On Equity %	12.87	11.72	9.61	8.1	6.18
Return on Common Equity	13.38	12.04	9.76	8.1	6.43
Shareholders Value Added	578M	21.3M	-1.19B	-2.23B	-3.34B
Margin Analysis
SG&A Margin	42.09	41.86	47.01	52.19	53.99
Net Interest Income / Total Revenues %	99.81	99.42	106.38	103.87	106.21
EBT Excl. Non-Recurring Items Margin %	56.76	57.14	52.02	46.47	44.9
Income From Continuing Operations Margin %	54.04	55.31	53.79	55.03	46.65
Net Income Margin %	52.97	53.94	51.93	52.36	46.37
Net Avail. For Common Margin %	52.97	53.94	51.93	52.36	46.37
Normalized Net Income Margin	34.4	34.34	30.66	26.37	27.79
Asset quality
Nonperforming Loans / Total Loans %	0.8	0.86	1.21	1.83	1.78
Nonperforming Loans / Total Assets %	0.4	0.44	0.61	0.94	0.92
Nonperforming Assets / Total Assets %	0.42	0.45	0.62	0.96	0.93
NPAs / Loans and OREO	0.84	0.89	1.23	1.87	1.82
NPAs / Equity	4.99	5.49	7.63	11.43	11.8
Allowance for Credit Losses / Net Charge-offs %	-	-	-	-	-
Allowance for Credit Losses / Nonperforming Loans %	378.72	380.4	309.13	206.62	207.22
Allowance for Credit Losses / Total Loans %	3.03	3.29	3.74	3.78	3.69
Provision for Loan Losses / Net Charge-offs %	-	-	-	-	-
Earning Assets / IBL	102.84	101.69	102.51	102.48	103.38
Capital And Funding
Total Average Common Equity / Total Average Assets %	7.32	7.87	7.74	7.85	7.77
Total Average Equity / Total Average Assets %	7.76	8.3	8.15	8.25	8.14
Total Equity + Allowance for Loan Losses / Total Loans %	18.92	18.69	19.13	19.41	18.43
Gross Loans / Total Deposits %	67.73	70.03	70.81	71.59	74.7
Net Loans / Total Deposits %	65.68	67.73	68.16	68.88	71.94
Tier 1 Capital Ratio %	13.94	13.74	13.65	14.37	13.33
Total Capital Ratio %	16.29	15.98	15.85	16.54	15.41
Core Tier 1 Capital Ratio	13.9	13.7	13.62	14.34	13.3
Tier 2 Capital Ratio	2.35	2.24	2.19	2.17	2.08
Coverage Ratio	179.99	145.36	198.49	200.74	199.85
Interbank Ratio	39.37	35.08	44.75	54.16	135.81
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	1.52	1.53	1.41	1.32	1.34
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	6.05	3.8	-3.3	-13.22	-3.78
Non Interest Income, 1 Yr. Growth %	16.47	-6.51	16.73	16.73	-8.55
Provision For Loan Losses, 1 Yr. Growth %	-11.94	-8.36	48.39	4.75	-2.7
Total Revenues, 1 Yr. Growth %	13.81	4.21	-9.63	-11.13	-5.9
Earnings From Cont. Operations, 1 Yr. Growth %	12.81	6.66	-12.11	-9.08	-20.24
Net Income, 1 Yr. Growth %	15.09	6.12	-12.99	-10.4	-16.67
Normalized Net Income, 1 Yr. Growth %	14.91	4.03	-19.33	-23.55	-0.84
Diluted EPS Before Extra, 1 Yr. Growth %	9.61	-7.26	-12.88	-10.58	-16.5
Dividend Per Share, 1 Yr. Growth %	11.54	0	-8.62	-5.66	-12
Gross Loans, 1 Yr. Growth %	14.02	11.37	6.95	7.31	7.34
Allowance For Loan Losses, 1 Yr. Growth %	23	20.94	21.72	8.45	4.82
Net Loans, 1 Yr. Growth %	13.76	11.07	6.45	7.27	7.44
Non Performing Loans, 1 Yr. Growth %	17.28	20.41	49.79	62.25	4.52
Non Performing Assets, 1 Yr. Growth %	14.23	18.66	48.33	62.79	4.16
Total Assets, 1 Yr. Growth %	8.2	10.84	7.78	5.23	6.72
Total Deposits, 1 Yr Growth %	12.72	7.7	5.78	6.15	2.87
Tangible Book Value, 1 Yr. Growth %	31.73	8.05	6.97	8.97	1.15
Average Interest Earning Assets, 1 Yr. Growth %	16.91	5.73	11.43	6.92	4.41
Average Interest Bearing Liabilities, 1 Yr. Growth %	16.93	6.93	10.53	6.95	3.5
Common Equity, 1 Yr. Growth %	31.08	7.91	6.89	8.97	1.25
Total Equity, 1 Yr. Growth %	29.34	7.68	6.82	8.66	0.89
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	8.71	4.92	0.18	-8.4	-8.63
Non Interest Income, 2 Yr. CAGR %	-7.62	4.35	4.47	16.73	3.32
Provision For Loan Losses, 2 Yr. CAGR %	-2.7	-10.17	16.61	24.67	0.95
Total Revenues, 2 Yr. CAGR %	6.99	8.9	-2.96	-10.38	-8.55
Earnings From Cont. Operations, 2 Yr. CAGR %	8.21	9.69	-3.18	-10.61	-14.84
Net Income, 2 Yr. CAGR %	6.42	10.51	-3.91	-11.7	-13.59
Normalized Net Income, 2 Yr. CAGR %	-0.1	9.34	-8.39	-21.47	-12.93
Diluted EPS Before Extra, 2 Yr. CAGR %	3.84	0.82	-10.11	-11.74	-13.59
Dividend Per Share, 2 Yr. CAGR %	-	5.61	-4.41	-7.15	-8.89
Gross Loans, 2 Yr. CAGR %	20.35	12.69	9.14	7.13	7.33
Allowance For Loan Losses, 2 Yr. CAGR %	11.25	21.97	21.33	14.89	6.62
Net Loans, 2 Yr. CAGR %	20.67	12.41	8.73	6.86	7.36
Non Performing Loans, 2 Yr. CAGR %	10.74	18.83	34.3	55.9	30.22
Non Performing Assets, 2 Yr. CAGR %	12.13	16.43	32.67	55.39	30.22
Total Assets, 2 Yr. CAGR %	13.43	9.51	9.3	6.5	5.97
Total Deposits, 2 Yr CAGR %	15.68	10.18	6.74	5.96	4.5
Tangible Book Value, 2 Yr. CAGR %	18.47	19.3	7.51	7.97	4.99
Average Interest Earning Assets, 2 Yr. CAGR %	-	11.18	8.54	9.15	5.66
Average Interest Bearing Liabilities, 2 Yr. CAGR %	-	11.82	8.72	8.73	5.21
Common Equity, 2 Yr. CAGR %	18.37	18.93	7.4	7.92	5.04
Total Equity, 2 Yr. CAGR %	18.7	18.02	7.25	7.73	4.7
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	9.53	7.05	2.1	-4.5	-6.88
Non Interest Income, 3 Yr. CAGR %	14	-7.25	8.32	8.4	7.61
Provision For Loan Losses, 3 Yr. CAGR %	17.2	-4.62	6.19	12.51	14.78
Total Revenues, 3 Yr. CAGR %	8.94	6.06	2.34	-5.76	-8.91
Earnings From Cont. Operations, 3 Yr. CAGR %	8.18	7.69	1.88	-5.19	-13.94
Net Income, 3 Yr. CAGR %	7.16	6.32	2.05	-6.12	-13.39
Normalized Net Income, 3 Yr. CAGR %	3.96	1.26	-1.2	-13.75	-15.12
Diluted EPS Before Extra, 3 Yr. CAGR %	-	0	-3.97	-10.27	-13.35
Dividend Per Share, 3 Yr. CAGR %	-	-	0.64	-4.83	-8.8
Gross Loans, 3 Yr. CAGR %	21.98	17.28	10.74	8.53	7.2
Allowance For Loan Losses, 3 Yr. CAGR %	9.5	14.4	21.88	16.88	11.43
Net Loans, 3 Yr. CAGR %	22.47	17.38	10.38	8.24	7.05
Non Performing Loans, 3 Yr. CAGR %	4.55	13.87	28.37	43.04	36.44
Non Performing Assets, 3 Yr. CAGR %	5.99	14.27	26.22	42.04	36
Total Assets, 3 Yr. CAGR %	13.28	12.56	8.93	7.92	6.57
Total Deposits, 3 Yr CAGR %	17.22	12.96	8.7	6.54	4.92
Tangible Book Value, 3 Yr. CAGR %	16.68	14.89	15.04	7.99	5.64
Average Interest Earning Assets, 3 Yr. CAGR %	-	-	11.27	8	7.55
Average Interest Bearing Liabilities, 3 Yr. CAGR %	-	-	11.39	8.13	6.96
Common Equity, 3 Yr. CAGR %	16.8	14.78	14.77	7.92	5.65
Total Equity, 3 Yr. CAGR %	18.42	14.91	14.16	7.72	5.4
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	9.67	9.1	5.69	0.58	-2.33
Non Interest Income, 5 Yr. CAGR %	-2.2	4.04	10.08	1.69	6.29
Provision For Loan Losses, 5 Yr. CAGR %	6.25	9.73	16.96	6.16	4.06
Total Revenues, 5 Yr. CAGR %	6.82	7.8	4.02	-0.85	-2.17
Earnings From Cont. Operations, 5 Yr. CAGR %	7.4	7.33	3.48	-0.04	-5.17
Net Income, 5 Yr. CAGR %	7.12	6.99	2.59	-1.29	-4.52
Normalized Net Income, 5 Yr. CAGR %	5.3	5.61	-1.17	-8.53	-6.07
Diluted EPS Before Extra, 5 Yr. CAGR %	6.09	-	-	-4.87	-7.94
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-3.29
Gross Loans, 5 Yr. CAGR %	17.48	18	16.67	13.11	9.36
Allowance For Loan Losses, 5 Yr. CAGR %	12.05	13.67	14.09	14.59	15.53
Net Loans, 5 Yr. CAGR %	17.67	18.17	16.78	13.05	9.16
Non Performing Loans, 5 Yr. CAGR %	4.69	8.88	15.57	29.12	29.11
Non Performing Assets, 5 Yr. CAGR %	5.53	9.49	15.95	29.22	27.8
Total Assets, 5 Yr. CAGR %	11.28	11.94	11.67	10.09	7.74
Total Deposits, 5 Yr CAGR %	12.23	12.25	12.91	10.11	7
Tangible Book Value, 5 Yr. CAGR %	15.38	15.23	12.92	12.07	10.91
Average Interest Earning Assets, 5 Yr. CAGR %	-	-	-	-	8.99
Average Interest Bearing Liabilities, 5 Yr. CAGR %	-	-	-	-	8.88
Common Equity, 5 Yr. CAGR %	15.52	15.22	12.94	11.98	10.78
Total Equity, 5 Yr. CAGR %	16.37	16.02	13.81	11.98	10.28