Capital adequacy, cost income ratio and performance: a comparative study of public, joint venture and private banks / Manita Budathoki 

Public ISBD Title : Capital adequacy, cost income ratio and performance: a comparative study of public, joint venture and private banks Material Type: printed text Authors: Manita Budathoki, Author Publication Date: 2017 Pagination: 108p. Size: GRP/Thesis Accompanying material: 8/B Languages : English Descriptors: Bank and banking Bank investments Class number: 332.1209 Abstract: The impact of liquidity position in management of financial institution and other economic unit have remained fascinating and intriguing, though very elusive in the process of investment analysis. In financial system bank's role is differentiated as financial intermediaries, funds facilitator and supporter. Commercial banks accept deposits from individuals and businesses which make use of them for productive purposes in the whole economy. The banks are, therefore not only stores economy's wealth but also provide financial resource to the businesses. Due to the diversified operations banks may expose to liquidity risk, as they are absolutely accountable to make funds available, when required by the depositors or conversion of its financial assets in to liquid funds to meet their obligations (Ramzam and Zafar, 2014). The major objective of the study is to analyze the impact of liquidity management on performance of Nepalese commercial banks.The study is based on secondary data of 23 commercial banks with 138 observations for the period of 2009/10 to 2014/15. The main source of data include various issues of Banking and Financial Statistics, Quarterly Economic Bulletin, Bank Supervision Report published by Nepal Rastra Bank and Annual Reports of selected commercial banks. The pooled cross-sectional data analysis has been undertaken from the study.The research design adopted in this study is descriptive and causal comparative research design as it deals with the relationship between capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total asset and firm size performance of Nepalese commercial banks. The result shows that NBBL has highest average ROA, and ADBL has highest average NIM among the selected commercial banks throughout the study period.Similarly, average capital ratio is highest for NIBL (28.81 percent), average leverage is highest for NBL (1.03 times), average liquidity ratio is highest for JBL (11.32 times), average liquid asset to deposit is highest for RBBL (64.08 percent), average liquid asset to total asset is highest for SCBL (52.09 percent) and average firm size is RBBL(114.59 billion). The descriptive statistics of public bank shows that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 1.91 percent, 4.37 percent, 4.32 percent, 0.96 times, 2.12 times, 41.84 percent, 25.53 percent and 10.89 respectively.Similarly, descriptive statistics of joint venture banks reveals that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 2.15 percent, 3.49 percent, 9.31 percent, 0.91 times, 3.79 times, 42.44 percent, 36.82 percent and 10.69 respectively.The descriptive statistics of private banks reveals that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 1.38 percent, 3.15 percent, 12.76 percent, 0.88 times, 4.81 times, 30.84 percent, 25.57 percent and 10.38 respectively. In case of public bank, the study found that capital ratio is positively correlated to return on assets and net interest margin while leverage, liquid asset to deposit liquid assets to total assets is negatively correlated to return on assets and net interest margin. The study of joint venture banks reveals that capital ratio is positively correlated to return on assets and net interest margin while leverage, liquid asset to deposit, liquid asset to total assets and firm size is negatively correlated to return on assets and net interest margin. Likewise, the study of private banks depicts that capital ratio, liquid asset to total assets is positively correlated to return on assets and net interest margin while leverage is negatively correlated to return on assets and net interest margin. The regression analysis of public banks revealed that capital ratio, leverage and firm size have positive impact on return on assets. The leverage, liquid assets to deposit and liquid assets to total assets have negative impact on return on assets. Similarly, the capital ratio have positive impact on net interest margin whereas the leverage, liquidity ratio, liquid assets to deposit, liquid assets to total assets and firm size have negative impact on net interest margin. The regression analysis of joint venture banks revealed that capital ratio, liquidity ratio and firm size have positive impact on return on assets. The leverage, liquid assets to deposit and liquid assets to total assets have negative impact on return on assets. Similarly, the capital ratio have positive impact on net interest margin whereas the leverage, liquidity ratio, liquid assets to deposit, liquid assets to total assets and firm size have negative impact on net interest margin. The regression analysis of private banks revealed that liquid assets to total assets and firm size have positive impact on return on assets. The capital ratio, leverage, liquidity ratio and liquid assets to deposit have negative impact on return on assets. Similarly, the study revealed that liquidity ratio, liquid assets to deposit and liquid assets to total assets have positive impact on net interest margin whereas the capital ratio, leverage and firm size have negative impact on net interest margin. Capital adequacy, cost income ratio and performance: a comparative study of public, joint venture and private banks [printed text] / Manita Budathoki, Author . - 2017 . - 108p. ; GRP/Thesis + 8/B. Languages : English Descriptors: Bank and banking Bank investments Class number: 332.1209 Abstract: The impact of liquidity position in management of financial institution and other economic unit have remained fascinating and intriguing, though very elusive in the process of investment analysis. In financial system bank's role is differentiated as financial intermediaries, funds facilitator and supporter. Commercial banks accept deposits from individuals and businesses which make use of them for productive purposes in the whole economy. The banks are, therefore not only stores economy's wealth but also provide financial resource to the businesses. Due to the diversified operations banks may expose to liquidity risk, as they are absolutely accountable to make funds available, when required by the depositors or conversion of its financial assets in to liquid funds to meet their obligations (Ramzam and Zafar, 2014). The major objective of the study is to analyze the impact of liquidity management on performance of Nepalese commercial banks.The study is based on secondary data of 23 commercial banks with 138 observations for the period of 2009/10 to 2014/15. The main source of data include various issues of Banking and Financial Statistics, Quarterly Economic Bulletin, Bank Supervision Report published by Nepal Rastra Bank and Annual Reports of selected commercial banks. The pooled cross-sectional data analysis has been undertaken from the study.The research design adopted in this study is descriptive and causal comparative research design as it deals with the relationship between capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total asset and firm size performance of Nepalese commercial banks. The result shows that NBBL has highest average ROA, and ADBL has highest average NIM among the selected commercial banks throughout the study period.Similarly, average capital ratio is highest for NIBL (28.81 percent), average leverage is highest for NBL (1.03 times), average liquidity ratio is highest for JBL (11.32 times), average liquid asset to deposit is highest for RBBL (64.08 percent), average liquid asset to total asset is highest for SCBL (52.09 percent) and average firm size is RBBL(114.59 billion). The descriptive statistics of public bank shows that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 1.91 percent, 4.37 percent, 4.32 percent, 0.96 times, 2.12 times, 41.84 percent, 25.53 percent and 10.89 respectively.Similarly, descriptive statistics of joint venture banks reveals that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 2.15 percent, 3.49 percent, 9.31 percent, 0.91 times, 3.79 times, 42.44 percent, 36.82 percent and 10.69 respectively.The descriptive statistics of private banks reveals that average return on assets, net interest margin, capital ratio, leverage, liquidity ratio, liquid asset to deposit, liquid asset to total assets and firm size is 1.38 percent, 3.15 percent, 12.76 percent, 0.88 times, 4.81 times, 30.84 percent, 25.57 percent and 10.38 respectively. In case of public bank, the study found that capital ratio is positively correlated to return on assets and net interest margin while leverage, liquid asset to deposit liquid assets to total assets is negatively correlated to return on assets and net interest margin. The study of joint venture banks reveals that capital ratio is positively correlated to return on assets and net interest margin while leverage, liquid asset to deposit, liquid asset to total assets and firm size is negatively correlated to return on assets and net interest margin. Likewise, the study of private banks depicts that capital ratio, liquid asset to total assets is positively correlated to return on assets and net interest margin while leverage is negatively correlated to return on assets and net interest margin. The regression analysis of public banks revealed that capital ratio, leverage and firm size have positive impact on return on assets. The leverage, liquid assets to deposit and liquid assets to total assets have negative impact on return on assets. Similarly, the capital ratio have positive impact on net interest margin whereas the leverage, liquidity ratio, liquid assets to deposit, liquid assets to total assets and firm size have negative impact on net interest margin. The regression analysis of joint venture banks revealed that capital ratio, liquidity ratio and firm size have positive impact on return on assets. The leverage, liquid assets to deposit and liquid assets to total assets have negative impact on return on assets. Similarly, the capital ratio have positive impact on net interest margin whereas the leverage, liquidity ratio, liquid assets to deposit, liquid assets to total assets and firm size have negative impact on net interest margin. The regression analysis of private banks revealed that liquid assets to total assets and firm size have positive impact on return on assets. The capital ratio, leverage, liquidity ratio and liquid assets to deposit have negative impact on return on assets. Similarly, the study revealed that liquidity ratio, liquid assets to deposit and liquid assets to total assets have positive impact on net interest margin whereas the capital ratio, leverage and firm size have negative impact on net interest margin.

Hold

Place a hold on this item

Copies

Barcode	Call number	Media type	Location	Section	Status
277/D	332.1209 BUD	Thesis/Dissertation	Uniglobe Library	Social Sciences	Available

Capital adequacy, cost income ratio and performance of Nepalese commercial bank / Sushan Bhanadari 

Public ISBD Title : Capital adequacy, cost income ratio and performance of Nepalese commercial bank Material Type: printed text Authors: Sushan Bhanadari, Author Publication Date: 2016 Pagination: 86p. Size: GRP/Thesis Accompanying material: 7/B Languages : English Descriptors: Bank investments Class number: 332.1209 Abstract: Banks are expected to absorb the losses from the normal earnings. But there may be some unanticipated losses which cannot be absorbed by normal earnings. Capital becomes useful on such abnormal loss situation to cushion off the losses. In this way, capital plays an insurance function. Adequate capital in banking is a confidence booster. It provides the customer, the public and the regulatory authority with confidence in the continued financial viability of the bank. According to Hughes and Mester (2002) capital are likely to be determined by the level of bank efficiency. Similarly, cost income ratio is an important way of determining a bank's value which gives a clear view of how the company is being managed. It is a measure of how efficient is a banking firm in generating income. Although the ratio is dependent on figures for both cost and income, its use trends to focus on costs. A reduction in costs, for a fixed level of revenue, should lead to increased profit, and thus increased return on equity and share price, the measure of greatest interest to investors in bank shares (Tripe 1996). Adequate capital is the least amount necessary to stir confidence in banks and effectively fulfill the principal task and enable banks to take advantage of profitable growth opportunities. It shows the internal strength of the bank to withstand losses during crisis. It has also a direct effect on profitability of banks by determining its expansion to risky but profitable ventures or areas (Sangmi and Nazir, 2010). The major purpose of this study is to examine the relationship among capital adequacy, cost income ratio and performance of commercial banks of Nepal. The specific objectives of this study are: a) to analyze the structure and pattern of dependent (ROA, ROE and NIM) and independent variables (cost to income ratio, liquidity ratio, total equity to total assets ratio, debt equity ratio, core capital and bank size). b) to examine the relationship between core capital and bank profitability. c) to identify the impact of cost income ratio on bank performance. d) to investigate how liquidity and debt equity influence the profitability of bank. The study has employed descriptive and causal comparative research designs to deal with the fundamental issues associated with the relationship among capital adequacy, cost income ratio and bank performance in the context of Nepal. The study is based on secondary data. The variables used in the study are categorized as core capital, total equity to total assets ratio, cost income ratio, debt equity ratio, liquidity ratio and VIII bank size. Secondary data were collected from supervision reports of NRB and various annual reports of different commercial banks. This study covers data for 7 years ranging for year 2007/08 to 2013/14. Regression models were estimated to test the significance of the liquidity management variables on banks profitability. The core capital, total equity to total assets ratio, debt to equity ratio and bank size are positively related to return on assets whereas liquidity ratio and cost income ratio are negatively related to ROA. The liquidity ratio, debt to equity ratio and bank size are positively related to return on equity whereas core capital, total equity to total assets ratio and cost to income ratio are negatively related to ROE. The total equity to total assets ratio and bank size are positively related to net interest margin whereas core capital, cost to income ratio, debt to equity ratio and liquidity ratio are negatively related to NIM. The study observed that cost income ratio has negatively significant impact on profitability of banks. Hence, the banks willing to increase the performance need to reduce cost to income ratio. Negative and significant relationship has been observed between core capital and return on equity hence, the bank should focus to decrease core capital to increase return on equity. There is a positive and significant relationship of the debt equity ratio with return on equity and hence banks willing to increase the return on equity should increase the debt equity ratio. The banks should increase the total assets to have higher return on assets and net interest margin as the study has found positive and significant relation between them. The major conclusion of the study is that higher the liquidity ratio, bank size and debt equity ratio, higher would be return on assets and return on equity. The study also concludes that larger the bank size and equity to total assets ratio, higher would be net interest margin. However, increase in core capital, debt to equity ratio, liquidity ratio and cost income ratio leads to decrease in net interest margin. Capital adequacy, cost income ratio and performance of Nepalese commercial bank [printed text] / Sushan Bhanadari, Author . - 2016 . - 86p. ; GRP/Thesis + 7/B. Languages : English Descriptors: Bank investments Class number: 332.1209 Abstract: Banks are expected to absorb the losses from the normal earnings. But there may be some unanticipated losses which cannot be absorbed by normal earnings. Capital becomes useful on such abnormal loss situation to cushion off the losses. In this way, capital plays an insurance function. Adequate capital in banking is a confidence booster. It provides the customer, the public and the regulatory authority with confidence in the continued financial viability of the bank. According to Hughes and Mester (2002) capital are likely to be determined by the level of bank efficiency. Similarly, cost income ratio is an important way of determining a bank's value which gives a clear view of how the company is being managed. It is a measure of how efficient is a banking firm in generating income. Although the ratio is dependent on figures for both cost and income, its use trends to focus on costs. A reduction in costs, for a fixed level of revenue, should lead to increased profit, and thus increased return on equity and share price, the measure of greatest interest to investors in bank shares (Tripe 1996). Adequate capital is the least amount necessary to stir confidence in banks and effectively fulfill the principal task and enable banks to take advantage of profitable growth opportunities. It shows the internal strength of the bank to withstand losses during crisis. It has also a direct effect on profitability of banks by determining its expansion to risky but profitable ventures or areas (Sangmi and Nazir, 2010). The major purpose of this study is to examine the relationship among capital adequacy, cost income ratio and performance of commercial banks of Nepal. The specific objectives of this study are: a) to analyze the structure and pattern of dependent (ROA, ROE and NIM) and independent variables (cost to income ratio, liquidity ratio, total equity to total assets ratio, debt equity ratio, core capital and bank size). b) to examine the relationship between core capital and bank profitability. c) to identify the impact of cost income ratio on bank performance. d) to investigate how liquidity and debt equity influence the profitability of bank. The study has employed descriptive and causal comparative research designs to deal with the fundamental issues associated with the relationship among capital adequacy, cost income ratio and bank performance in the context of Nepal. The study is based on secondary data. The variables used in the study are categorized as core capital, total equity to total assets ratio, cost income ratio, debt equity ratio, liquidity ratio and VIII bank size. Secondary data were collected from supervision reports of NRB and various annual reports of different commercial banks. This study covers data for 7 years ranging for year 2007/08 to 2013/14. Regression models were estimated to test the significance of the liquidity management variables on banks profitability. The core capital, total equity to total assets ratio, debt to equity ratio and bank size are positively related to return on assets whereas liquidity ratio and cost income ratio are negatively related to ROA. The liquidity ratio, debt to equity ratio and bank size are positively related to return on equity whereas core capital, total equity to total assets ratio and cost to income ratio are negatively related to ROE. The total equity to total assets ratio and bank size are positively related to net interest margin whereas core capital, cost to income ratio, debt to equity ratio and liquidity ratio are negatively related to NIM. The study observed that cost income ratio has negatively significant impact on profitability of banks. Hence, the banks willing to increase the performance need to reduce cost to income ratio. Negative and significant relationship has been observed between core capital and return on equity hence, the bank should focus to decrease core capital to increase return on equity. There is a positive and significant relationship of the debt equity ratio with return on equity and hence banks willing to increase the return on equity should increase the debt equity ratio. The banks should increase the total assets to have higher return on assets and net interest margin as the study has found positive and significant relation between them. The major conclusion of the study is that higher the liquidity ratio, bank size and debt equity ratio, higher would be return on assets and return on equity. The study also concludes that larger the bank size and equity to total assets ratio, higher would be net interest margin. However, increase in core capital, debt to equity ratio, liquidity ratio and cost income ratio leads to decrease in net interest margin.

Hold

Place a hold on this item

Copies

Barcode	Call number	Media type	Location	Section	Status
227/D	BHA	Thesis/Dissertation	Uniglobe Library	Social Sciences	Available

The impact of capital adequacy and bank operating efficiency on financial performance of Nepalese commercial banks / Amrit K. Shrestha 

Public ISBD Title : The impact of capital adequacy and bank operating efficiency on financial performance of Nepalese commercial banks Material Type: printed text Authors: Amrit K. Shrestha, Author Publication Date: 2016 Pagination: 78p. Size: GRP/Thesis Accompanying material: 4/B General note: Including bibliography Languages : English Descriptors: Bank and banking Bank capital Bank investments Bank loans Bank management Keywords: 'capital adequacy  bank capital  financial performance' Class number: 332.120 Abstract: Banks primary role is to ensure the growth and development of an economy. To ensure availability of funds at any point in time (in meeting with customers’ needs and demands), statutory requirements must be in place to regulate and measure banks’ capital. Capital plays an important role in enhancing banks’ performance. The major concern of the study here is to understand how the capital adequacy and bank operating efficiency influences the overall financial performance of the bank. The importance of the capital is to finance the assets as well as to protect the long term and short term creditors who make the fund available to the business. The review of the literature reveals the existence of many gaps of knowledge in respect of the factors affecting bank profitability, particularly in the context of Nepal. The review showed that sound operating efficiency and capital adequacy impacted positively on bank’s financial performance with the exception of loans and advances which was found to have a negative impact on banks’ profitability in the period under study. As per the review of the literature most of the empirical studies that have been conducted with the aim of identifying factors affecting bank profitability belong to European Union and some emerging markets such as Philippines, Malaysia and Tunisia. Moreover, the literature review also reveals the existence of controversial conclusions that results from different studies made so far. The major purpose of the study is to investigate the impact of capital adequacy and bank operating efficiency on financial performance in Nepalese commercial banks. Secondary data have been used for the purpose of the study which is collected from annual reports of the sample banks. The secondary data of the sample banks while 8 years data from 2005/06 to 2012/13 has been collected from various secondary sources like annual reports of sample banks and consolidated financial reports prepared by Nepal Rastra Bank. Descriptive statistics, correlation analysis, stepwise regressions have been carried out to examine the secondary data. Based on the secondary analysis of data, the study showed that there is a significant relationship between financial performance and capital adequacy. Better capital adequacy results in better financial performance. This study revealed that core capital ratio, risk based capital ratio and total capital ratio has negative significant relationship with ROA where as bank operating efficiency, total deposit assets, loan ratio and loan loss provision to total equity have positive and significant relation with ROA. In case of ROE, loan loss provision to total loan has negative and significant relation with ROE whereas, bank operating efficiency, loan ratio, total deposit assets, loan loss provision to total equity has positive relation with ROE. It is theoretically acceptable that banks with good capital adequacy ratio have a good profitability. A bank with a strong capital adequacy is also able to absorb possible loan losses and thus avoids bank ‘run’, insolvency and failure. This study result indicates that, capital adequacy ratio is positive with both the dependent variable ROA and ROE but it is only significant with ROA and insignificant with ROE. Finally, most of the studies were all based on quantitative analysis this study somehow presents some analyze related with qualitative analysis. Many more unanswered questions are still hovering in the Nepalese banking field. Thus, to address such unanswered question there is requirement of the fresh research to be conducted on above mentioned various issues. Further studies can extend and provide more in-depth result on capital adequacy and bank operating efficiency on financial performances of Nepal. The results indicate that the major effect of higher capital adequacy, better the financial performances of banks followed by degrade in banking image. The major conclusion of this study is that bank operating efficiency, total deposit assets, loan ratio and loan loss provision to total equity are positively correlated with return on assets. Loan loss provision to total loan, core capital ratio, risk based capital ratio and total capital ratio are negatively correlated with return on assets. Likewise, bank operating efficiency, loan ratio, total deposit assets, loan loss provision to total equity, core capital ratio, risk based capital, total capital ratio are positively correlated with return on equity loan loss provision to total and loan loss reserve to equity are negatively correlated with return on equity. The impact of capital adequacy and bank operating efficiency on financial performance of Nepalese commercial banks [printed text] / Amrit K. Shrestha, Author . - 2016 . - 78p. ; GRP/Thesis + 4/B. Including bibliography Languages : English Descriptors: Bank and banking Bank capital Bank investments Bank loans Bank management Keywords: 'capital adequacy  bank capital  financial performance' Class number: 332.120 Abstract: Banks primary role is to ensure the growth and development of an economy. To ensure availability of funds at any point in time (in meeting with customers’ needs and demands), statutory requirements must be in place to regulate and measure banks’ capital. Capital plays an important role in enhancing banks’ performance. The major concern of the study here is to understand how the capital adequacy and bank operating efficiency influences the overall financial performance of the bank. The importance of the capital is to finance the assets as well as to protect the long term and short term creditors who make the fund available to the business. The review of the literature reveals the existence of many gaps of knowledge in respect of the factors affecting bank profitability, particularly in the context of Nepal. The review showed that sound operating efficiency and capital adequacy impacted positively on bank’s financial performance with the exception of loans and advances which was found to have a negative impact on banks’ profitability in the period under study. As per the review of the literature most of the empirical studies that have been conducted with the aim of identifying factors affecting bank profitability belong to European Union and some emerging markets such as Philippines, Malaysia and Tunisia. Moreover, the literature review also reveals the existence of controversial conclusions that results from different studies made so far. The major purpose of the study is to investigate the impact of capital adequacy and bank operating efficiency on financial performance in Nepalese commercial banks. Secondary data have been used for the purpose of the study which is collected from annual reports of the sample banks. The secondary data of the sample banks while 8 years data from 2005/06 to 2012/13 has been collected from various secondary sources like annual reports of sample banks and consolidated financial reports prepared by Nepal Rastra Bank. Descriptive statistics, correlation analysis, stepwise regressions have been carried out to examine the secondary data. Based on the secondary analysis of data, the study showed that there is a significant relationship between financial performance and capital adequacy. Better capital adequacy results in better financial performance. This study revealed that core capital ratio, risk based capital ratio and total capital ratio has negative significant relationship with ROA where as bank operating efficiency, total deposit assets, loan ratio and loan loss provision to total equity have positive and significant relation with ROA. In case of ROE, loan loss provision to total loan has negative and significant relation with ROE whereas, bank operating efficiency, loan ratio, total deposit assets, loan loss provision to total equity has positive relation with ROE. It is theoretically acceptable that banks with good capital adequacy ratio have a good profitability. A bank with a strong capital adequacy is also able to absorb possible loan losses and thus avoids bank ‘run’, insolvency and failure. This study result indicates that, capital adequacy ratio is positive with both the dependent variable ROA and ROE but it is only significant with ROA and insignificant with ROE. Finally, most of the studies were all based on quantitative analysis this study somehow presents some analyze related with qualitative analysis. Many more unanswered questions are still hovering in the Nepalese banking field. Thus, to address such unanswered question there is requirement of the fresh research to be conducted on above mentioned various issues. Further studies can extend and provide more in-depth result on capital adequacy and bank operating efficiency on financial performances of Nepal. The results indicate that the major effect of higher capital adequacy, better the financial performances of banks followed by degrade in banking image. The major conclusion of this study is that bank operating efficiency, total deposit assets, loan ratio and loan loss provision to total equity are positively correlated with return on assets. Loan loss provision to total loan, core capital ratio, risk based capital ratio and total capital ratio are negatively correlated with return on assets. Likewise, bank operating efficiency, loan ratio, total deposit assets, loan loss provision to total equity, core capital ratio, risk based capital, total capital ratio are positively correlated with return on equity loan loss provision to total and loan loss reserve to equity are negatively correlated with return on equity.

Hold

Place a hold on this item

Copies

Barcode	Call number	Media type	Location	Section	Status
168/D	332.120 SHR	Thesis/Dissertation	Uniglobe Library	Social Sciences	Available

---

page 1/1