Tag: Covid-19

Corporate lending by major PSBs declines

Banking & Finance

[ad_1]

Read More/Less


In what could be a matter of concern in rekindling the Covid-hit economy, corporate lending by major public sector banks has been on the wane.

The Q1 data of banks show a significant decline of corporate advances compared to the year-ago period.

For instance, State Bank of India’s domestic corporate advances decreased 2.23 per cent at ₹7,90,494 crore in the quarter ended June 30, 2021, compared to ₹8,09,322 crore in the same quarter last year. However, in the first quarter of FY21, SBI reported 3.41 per cent growth in corporate advances.

According to SS Mallikarjuna Rao, Managing Director and CEO, Punjab National Bank: “Corporate growth was almost muted or negative” during the quarter. For PNB, corporate advances marginally decreased by 0.57 per cent at ₹3,264,66 crore in June 2021 compared to ₹3,28,350 crore in the year-ago period.

For Union Bank of India, the share of industry exposure in domestic advances fell to 38.12 per cent at ₹2,40,237 crore from 39.4 per cent at ₹2,47,986 crore in the year-ago period. The same is the case with Indian Bank which saw a 3 per cent dip in the corporate loans during the period under review.

According to a senior SBI official, the last one year saw the complete ‘impact’ of the pandemic on some key investment decisions of the industry.

“In fact, banks, including SBI, have been proactively supporting the industry wherever possible. Assuming that there will be no third wave, we can see greenshoots, going forward,” he added.

As per RBI data, up to May, the gross loans to large industries declined by 1.7 per cent on a year-on-year basis.

Demand low

There has also been lower demand from corporates in general as many adopt a wait-and-watch approach on investments, say bankers. Obviously, there has been a more rigorous due diligence on the part of the banks.

However, banks are optimistic about the future as far as corporate lending is concerned. Even though the corporate lending growth was muted in the first quarter, PNB is bullish. “We are looking at a good amount of growth, whereas corporate growth was almost muted or negative. But we are looking at a good amount of growth that will to be disbursed over a period of time,” said Mallikarjuna Rao in a recent earnings call.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

balancing growth and inflation, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


2021 is witnessing a K-shaped recovery, with most developed countries seeing higher growth rates while most developing countries are decelerating post the initial growth.

This has resulted in a varied response by the central banks. Few markets like Turkey and Russia have increased their interest rate to control inflationary pressures. At the same time, others like European central banks (ECB) and Chinese central banks maintain an accommodative stance.

The European central bank (ECB) has maintained an accommodative stance with a negative interest rate with the main deposit rate at -0.5%. The bank has increased the inflation target to 2%, indicating it is looking at a dovish stance even in 2022.

In contrast, the federal reserve is looking at pulling out liquidity in 2022 as the fiscal stimulus creates inflationary pressure. The indication of this can be seen within the latest Federal Open Market Committee (FOMC) meeting minutes.

In Asia, the Chinese central bank, in its latest policy, has undertaken liquidity boosting measures which is expected to release 1 trillion Yuan into the Economy. This action points to the concern the Chinese central bank has regarding the impact of the current geopolitical situation on its Economy. Japan has also kept an accommodative stance, with COVID-19 being a key concern given the vaccination rate.

We believe this variance in policy across countries is driven primarily by three key factors:
1. Success in fighting the pandemic through vaccinations
2. Ability to provide a sizeable fiscal stimulus
3. Impact of COVID-19 on critical drivers of economic growth

Countries that have been relatively successful in vaccinating the majority of their population are returning to pre-pandemic levels of economic activity. They see their employment rates rise while the supply chains are normalized. Central banks here are targeting the normalization of rates by the end of this year.

Also, governments that have provided massive fiscal stimulus to bolster initial monetary support have been able to moderate the impact of covid on growth. This has provided the central bank with headroom to increase rates to control inflation.

Finally, export-driven economies that have been able to take advantage of the record commodity prices are experiencing higher growth than consumption-driven economies. Central banks here are prioritizing currency stability.

In the case of India, while we have been able to recover from the devastating second wave, the vaccination coverage required to lift all restrictions is not expected to be reached before the end of 2021. Also, there is limited scope to provide a large fiscal stimulus given India’s fiscal deficit. With consumption which is a crucial driver of economic growth impacted due to second wave and resultant local lockdown, India’s growth is expected to be at 9.5% compared to the previous
estimate of 12.5%.

Given the current scenario, the Reserve Bank of India (RBI) will have to prioritize growth. Most central banks globally have stuck to their dovish stand, with only countries seeing high inflationary pressure raising rates. Globally, central banks, especially in developed countries, are expected to start taking a hawkish stance only by the beginning of 2022.

RBI should also maintain an accommodative stance with a gradual pull back of liquidity measures once sustained economic growth is observed. We expect the government of India to continue its reform push and look at providing additional fiscal stimulus. These measures are expected to accelerate growth once we can lift covid restrictions across sectors and states.

Synchronizing the monetary tightening with economic growth is critical. RBI, just like its global counterparts, has been able to walk the tightrope of balancing growth and inflation. The key going forward will be to identify the right time to rebalance the pole, focusing on shifting from growth to inflation.

The blog has been authored by Nilaya Varma, CEO, Primus Partners and Shravan Shetty, MD, Primus Partners

DISCLAIMER: The views expressed are solely of the author and ETBFSI.com does not necessarily subscribe to it. ETBFSI.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

HDFC’s Q1 net profit down marginally at ₹3,001 crore

Banking & Finance

[ad_1]

Read More/Less


Housing Development Finance Corporation (HDFC) Ltd reported a 1.7 per cent drop in its net profit in the first quarter of the fiscal at ₹3,000.67 crore. Its net profit was ₹3,051.52 crore in the quarter ended June 30, 2020.

In a statement on Monday, HDFC Ltd said the profit numbers for the quarter ended June 30, 2021, however, are not directly comparable with that of the previous year. This is due to lower profit on sale of investments, dividend, higher charge for employee stock options and effective tax rate of 23.1 per cent in 2021-22 as against 15.4 per cent last fiscal.

“In the previous year, the tax on capital gains on sale of equity shares was low on account of grandfathering provisions as per the Income Tax Act, 1961,” it said.

HDFC Q4 net profit surges 42 per cent

HDFC provided ₹903.9 crore for tax in the quarter ended June 30, 2021 as against ₹555.31 crore a year ago.

However, shrugging off the impact of the second Covid wave, its net interest income surged by 22 per cent for the quarter ended June 30, 2021, to ₹ 4,147 crore compared to ₹3,392 crore in the previous year. Net interest margin was 3.7 per cent for the first quarter of the fiscal.

Loan disbursements

The country’s largest mortgage financier also saw a robust growth in individual loan disbursements at 181 per cent year-on-year in the first quarter of the fiscal.

“July 2021 disbursements were the highest ever in a non-quarter end month,” it said.

ICICI, Axis and HDFC Bank pick up stake in blockchain start-up

As at June 30, 2021, the assets under management grew 8.1 per cent to ₹5,74,136 crore as against ₹ 5,31,186 crore in the previous year.

The overall collection efficiency ratio for individual loans has improved during the month of June ‘21 to pre-Covid levels. The collection efficiency for individual loans on a cumulative basis in June 2021 stood at 98.3 per cent compared to 98 per cent in March 2021.

The gross non-performing loans as at June 30, 2021, stood at ₹ 11,120 crore or 2.24 per cent of the loan portfolio.

As per regulatory norms, HDFC is required to carry a total provision of ₹ 5,778 crore. Its Expected Credit Loss for the quarter ended June 30, 2021, was at ₹686 crore compared to ₹ 1,199 crore a year ago.

As at June 30, 2021, ₹4,482 crore has been restructured under the RBI’s Resolution Framework for Covid-19 related stress, which amounts to 0.9 per cent of the loan book.

Of the loans restructured, 38 per cent are individual loans and 62 per cent non-individual loans, HDFC said, adding that of the total restructured loans, 62 per cent is in respect of just one account.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Goldman Sachs to raise pay for junior investment bankers: report

Banking & Finance

[ad_1]

Read More/Less


Goldman Sachs Group Inc is raising salaries for its junior employees in the investment bank division, Business Insider reported on Sunday.

The bank’s second-year analysts will now make $125,000 in base compensation, while first-year associates will earn $150,000, Business Insider reported citing two people familiar with the situation.

No formal announcement about the pay raise has been made and it was unclear which other levels of employees at the investment banking division have also been given salary increases, the report from the financial and business news website said. Goldman Sachs declined to comment.

Goldman Sachs sets up centre in Hyderabad

Investment banks have raised pay for first- and second-year associates this summer in an attempt to ease the strain on these workers and compensate them more for their work supporting more senior staff in a year of unprecedented deal making.

Citi Group, Morgan Stanley, UBS Group AG and Deutsche Bank AG have already increased pay for their first-year analysts to around $100,000, a raise of about $15,000.

‘Saturday rule’

In February, a group of junior bankers in Goldman’s investment bank told senior management they were working nearly 100 hours a week and sleeping five hours a night to keep up with an over-the-top workload and “unrealistic deadlines.” Half of the group, which consisted of 13 first-year employees, said they were likely to quit by summer unless conditions improved.

Goldman Sachs to set up 250 beds across 4 hospitals in Bengaluru

Goldman’s Chief Executive Officer David Solomon has said the bank was working to hire more associates to help with the workload, and vowed to enforce the “Saturday rule,” which prohibits employees from working between 9 pm Friday night and 9 am on Sunday, except in certain circumstances.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

S&P, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Global ratings agency S&P said has said its base case is that the global banking sector will continue to slowly stabilise as the economic rebound gains momentum and as support is gradually withdrawn. Should a re-intensification of risks occur, this will require more support from public authorities for the real economy.

For 11 of the top 20 banking jurisdictions, S&P estimates that a return to pre-Covid-19 levels of financial strength will not occur until 2023 or beyond. For the other nine, it estimates that recovery may occur by year-end 2022.

Strong support

The strong support by authorities for households and corporates over the course of Covid-19 has clearly helped banks, it said.
Lenders were also well-positioned going into the pandemic after banks bolstered their capital, provisioning, funding and liquidity buffers in the wake of the global financial crisis. S&P Global Ratings expects normalisation to be the dominant theme of the next 12 months as rebounding economies, vaccinations and state measures help banks bounce back much more quickly than was conceivable in the dark days of 2020.

“We see less downside risk for banks as economies rebound, vaccinations kick in and banks feel the stabilising effects of state intervention,” said S&P Global Ratings credit analyst Gavin Gunning.

“With no vaccine in October 2020, we believed at the time that 2021 could be a very difficult year for banks. State intervention on behalf of corporates and households — including significant fiscal and monetary policy support — is working and banks have benefited,” said Gunning.

Improving outlook

S&P’s net negative outlook for the global banking sector improved to 1 per cent in June from 31 per cent in October 2020. As at June 25, about 13 per cent of bank outlooks were negative. This is significantly lower than October 2020 when about one-third of rating outlooks on banks were negative.

Credit losses

Credit losses for Asia-Pacific banks could reach $585 billion by 2022, or nearly double the pre-Covid level raising credit costs for banks, S&P Global had said in June.

The credit costs of the Indian banking system may rise to 2.4 per cent by March 2022, compared to a base case of 2.2 per cent, according to the S&P report, “Intervention Worked: Credit Losses Set To Decline For Most Asia-Pacific Banks”.

“In India and Indonesia, where banks have suffered higher asset distress in recent years, the credit losses are set to trend closer to our expected long-term average in the coming years,” S&P had said.

Moratorium cushions blow

S&P had said moratoriums on loan repayments–together with fiscal, monetary, and policy support–have helped cushion the blow to borrowers in Asia-Pacific from the Covid outbreak and containment measures.

Credit losses are set to fall across most Asia-Pacific banking systems over the next two years, partly because targeted assistance to stretched borrowers will likely continue in many places until pandemic-related challenges substantially abate, it had said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Equitas Small Finance Bank’s Q1 net profit drops 79%

Banking & Finance

[ad_1]

Read More/Less


Equitas Small Finance Bank has reported a 79 per cent drop in net profit to ₹11.93 crore in the first quarter as against a net of ₹57.67 crore for the same quarter last year. The bank said the Profit After Tax was affected due to provisions made on restructured accounts.

The Bank has restructured loans amounting to ₹400.48 crore as of June 30, 2021; ₹496.52 crore in July 2021 and has made a provision of ₹110.51 crore against these restructuring under Resolution Framework 2.0

“The Bank primarily caters to small retailers and transporters engaged in daily use products. During the quarter due to lockdowns and other Covid related restrictions, cash flows of these small retailers had been significantly impacted,” said PN Vasudevan, MD and CEO of Equitas Small Finance Bank.

Net Interest Income for Q1FY22 stood at ₹461 crore (₹404 crore) while net interest margin stood at 7.87 per cent. Total income of the bank grew by 23 per cent to ₹922.59 crore ( ₹750.96 crore).

Total advances as of Q1FY22 stood at ₹17,837 crore, growing at 15 per cent Y-o-Y while deposits (excluding CDs) stood at ₹17,021 crore with a Y-o-Y growth rate of 48 per cent.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Net profit rises 94% YoY, misses estimate; NII rises 11%, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


MUMBAI: Axis Bank today reported a 94 per cent year-on-year rise in net profit to Rs. 2,160 crore for the quarter ended June, which was above analysts’ estimate.

The lender reported a 11 per cent on-year growth in net interest income to Rs. 7,760 crore in the reported quarter, which was also below Street’s estimate.

The lender saw a marked deterioration in its asset quality in the quarter likely due to the second wave of COVID-19 pandemic. The gross non-performing assets ratio stood at 3.85 per cent in the June quarter as against 3.7 per cent in the previous quarter.

Similarly, the net NPA ratio rose to 1.2 per cent in the quarter from 1.05 per cent in the previous quarter. The lender’s gross slippages in the quarter jumped 23 per cent sequentially to Rs. 6,518 crore and was nearly three times from the year-ago quarter.

As on June 30, the bank’s provision coverage, as a proportion of gross NPAs stood at 70 per cent, as compared to 75 per cent in the year-ago quarter and 72 per cent in the previous quarter.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Minister, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Non-performing assets (NPAs) or bad loans of banks have declined by Rs 61,180 crore to Rs 8.34 lakh crore at the end of March 31, 2021, as result of various steps taken by the government, Minister of State for Finance Bhagwat K Karad said on Monday.

Scheduled commercial banks (SCBs) were carrying NPAs worth Rs 8.96 lakh crore on their balance sheet at the end of March 2020.

“Primarily as a result of transparent recognition of stressed assets as NPAs, gross NPAs of SCBs, as per RBI data on global operations, rose from Rs 3,23,464 crore as on 31.3.2015, to Rs 10,36,187 crore on 31.3.2018, and as a result of Government’s strategy of recognition, resolution, recapitalisation and reforms, have since declined to Rs 9,33,779 crore on 31.3.2019, Rs. 8,96,082 crore as on 31.3.2020, and further to Rs 8,34,902 crore (provisional data) as on 31.3.2021,” he said.

Karad in a written reply to the Lok Sabha said COVID-19 Regulatory Package announced by RBI permitted lending institutions to grant a moratorium of six months on payment of all instalments falling due between March 1 and August 31, 2020, in respect of all term loans and to defer the recovery of interest for the same period in respect of working capital facilities.

Replying to another question, Karad said, gross NPAs of public sector banks (PSBs) peaked at Rs 8,95,601 crore on March 31, 2018.

As a result of Government’s strategy of recognition, resolution, recapitalisation and reforms, NPAs have since declined to Rs 7,39,541 crore on March 31, 2019, Rs 6,78,317 crore on March 31, 2020 and further to Rs 6,16,616 crore as on March 31, 2021 (provisional data).

“The net NPAs have displayed a similar trend, increasing initially from Rs 1,24,095 crore on 31.3.2014 to Rs 2,14,549 crore on 31.3.2015, Rs 3,24,372 crore on 31.3.2016, Rs 3,82,087 crore on 31.3.2017 and peaking at Rs 4,54,221 on 31.3.2018, and declining thereafter to Rs 2,84,689 crore on 31.3.2019, Rs 2,31,551 crore on 31.3.2020 and further to Rs 1,97,360 crore as on 31.3.2021 (provisional data),” he said.

Throughout this period, he said, PSBs continued to post aggregate operating profits of Rs 1,37,151 crore, Rs 1,58,994 crore, Rs 1,55,603 crore, Rs 1,49,819 crore, Rs 1,74,640 crore in the financial year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 respectively.

“However, primarily due to continuing ageing provision for NPAs, they made aggregate provision for NPAs and other contingencies of Rs 1,55,226 crore, Rs 1,70,371 crore, Rs 2,40,956 crore, Rs 2,17,481 crore and Rs 2,00,404 crore respectively in the said years, resulting in aggregate net losses of Rs 17,993 crore, Rs 11,389 crore, Rs 85,370 crore, Rs 66,636 crore and Rs 25,941 crore respectively and returning to profitability thereafterwith aggregate net profit of Rs 31,820crore in FY2020-21,” he said.

At the same time comprehensive steps were taken to control and to effect recovery in NPAs, which enabled PSBs to recover Rs 5,01,479 crore over the last six financial years, he added.

In a reply to another question, Karad said overall credit growth of Scheduled Commercial Banks (SCBs) has remained positive for 2020-21 despite contraction in GDP (-7.3 per cent) due to the COVID-19 pandemic.

‘Gross Loans and Advances – Outstanding’ of SCBs increased from Rs 109.19 lakh crore as of March 31, 2020 to Rs 113.99 lakh crore as of March 31, 2021, he said.

Further, he said, as per RBI data of loans to agriculture and allied activities, micro, small & medium enterprises, housing and vehicle have witnessed a year-on-year growth of 12.3 per cent, 8.5 per cent, 9.1 per cent and 9.5 per cent respectively during the year.

Ability of PSBs to further increase lending is evident through Capital to Risk Weighted Assets Ratio which stood at 14.04 per cent as of March 31, 2021, as against regulatory requirement of 10.875 per cent, he added.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , ,

HDFC Bank’s Puri top earner among bankers in FY21; ICICI Bank’s Bakhshi forgoes salary in COVID year, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


HDFC Bank‘s Aditya Puri emerged as the highest grossing banker among the top three private sector lenders in his retirement year with total emoluments of Rs 13.82 crore. His successor Sashidhar Jagdishan, who took over as the chief executive and managing director of the largest private sector lender on October 27, 2020 grossed a salary of Rs 4.77 crore for the fiscal year, which included payments as a group head till his elevation. Puri’s overall payments included Rs 3.5 crore as post-retirement benefits.

Its immediate rival ICICI Bank‘s MD and CEO Sandeep Bakhshi “voluntarily relinquished” his fixed compensation of basic and supplementary allowances for FY21, which had seen wide-scale impact of the COVID pandemic, as per the second largest lender’s annual report.

Bakhshi, however, did receive allowances and perquisites amounting to Rs 38.38 lakh, the document said, adding he also got Rs 63.60 lakh as performance bonus from ICICI Prudential Life Insurance Company as deferred variable pay for FY17 and FY18.

Amitabh Chaudhry, who has been leading the third largest private sector lender Axis Bank, got paid Rs 6.52 crore, the bank’s annual report said, adding that the top management was not given any salary increment in FY21.

In the case of ICICI Bank, material risk takers including executive directors, chief financial officer and company secretary voluntarily opted for a 10 per cent salary reduction from May 1 in their payments, possibly because of the impact of COVID. Its executive director in-charge of wholesale banking Vishakha Mulye grossed Rs 5.64 crore, as per the annual report.

When compared with the bank’s median salary, the allowances drawn by Jagdishan were the highest at 139 times the median salary of a bank employee, while Chaudhry earned 104 times the median and ICICI Bank executive directors drew 96 times the median salary.

Data available for ‘crorepati’ bankers, or those earning above Rs 8.5 lakh a month, revealed that HDFC Bank had 200 executives in this exclusive club, including key management personnel, serving officials and those who left the lender midway through the fiscal year.

In comparison, Axis Bank had 69 bankers in the category who served throughout the year, while 17 employees who would otherwise have been in the club left it midway through the year, as per the annual report.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Banks review settlement processes for deposit accounts of deceased customers in view of Covid-19

Banking & Finance

[ad_1]

Read More/Less


Banks are reviewing their processes relating to the settlement of deposit accounts of deceased customers in view of the adverse impact of the Covid-19 pandemic, which as per official figures has claimed about 4.18 lakh lives so far.

They are weighing the possibility of quick settlement of partial deposit amount to provide an immediate relief to family members of the deceased and extending a helping hand in filing insurance claims if the deceased was covered by a life insurance scheme sold through them, among others.

In an advisory, the Indian Banks’ Association emphasised that banks need to sensitise their staff at various levels and particularly at the branch level, to handle death settlement cases sympathetically in the light of the pandemic.

The Association said all possible steps should be taken to mitigate sufferings of survivors of the family of the deceased depositor.

Quick settlement

Through the review, banks are expected to make their processes flexible and smooth by stipulating shorter settlement time. This could accelerate the process of settlement of the deposit accounts of the deceased.

Banks may also consider higher delegation to the branch level managerial staff or the delegation power may be reviewed for enabling quick settlement of a partial/limited amount of, say, up to ₹1 lakh to provide immediate relief to the family members of the deceased in cases where all the required compliances are in place.

In cases where nomination is available and there are no challenges in KYC (know your customer) compliance of the nominee, banks can make the claim format brief and compact. As per the advisory, production of legal representation from nominee may not be insisted upon up to a limit of ₹2 lakh.

Banking expert V Viswanathan underscored that when a nominee is available, there should be no delay in the settlement of the deposit account.

“Only two documents — death certificate of depositor and KYC document of the nominee for identity verification — are needed to credit the amount,” he said.

Further, an evidence of the nominee maintaining an account with a bank — a cancelled cheque leaf or passbook (this is to avoid credit to the wrong account) — to credit the money to his/her account is required.

Minor survivors

In case of the unfortunate death of both the parents or account holder and the nominee, branch managers may make discreet enquiries to ensure genuineness of the claimants/natural guardian. This is aimed at helping the minor survivors.

In the aforementioned case, banks may devise Standard Operating Procedures for extending some immediate help within the legal framework depending on the degree of reliance on the circumstances.

Viswanathan observed that in cases where minors lose their parents, one of the relatives of one of the parents can step in as an administrator and receive the money as guardian for them. Legal heirship certificate will be the only requirement.

If there are other legal heirs to the deceased, they should give a no-objection certificate (NOC) for releasing the money to children, he added.

Insurance claim

While handling cases of settlement of deposit accounts of deceased customers, banks can check whether a customer was covered under any insurance policy facilitated by them so that the family members can be advised suitably and necessary help can be extended in filing of insurance claims.

Banks have facilitated insurance cover under the Pradhan Mantri Swasthya Bima Yojana/ Pradhan Mantri Jeven Jyoti Bima Yojana and also under many schemes launched by the respective State governments and annual premiums in such cases are paid by debiting savings accounts of customers.

Grievance redressal

Appointing grievance redressal officers at Administrative Offices (AOs) and displaying their contact details on website can help in reducing the visits of the claimants to the branches and AOs for knowing the status of their requests, as per the advisory.

Banks can also explore introduction of non face-to-face processes like ‘Video-based Customer Identification Process’ to accommodate claims made by nominees unable to visit the branch.

Further, they can consider putting in place digital applications for processing, monitoring and accelerating the process of settlement. This can help in keeping the claimants informed about the claim status.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,
1 … 4 5 6 7 8 … 19