Pubali Bank valuation report: fair value BDT 16.8–39.3 (Oct 2026)

Fair value BDT 17–39, base 30: the price of 42.9 assumes a 15% sustainable ROE against our 12%

We put Pubali Bank's fair value at BDT 17–39, base 30 (probability-weighted 29.2), against a price of 42.9. Standalone net profit rose 42% to BDT 10.8bn in FY2025 [1 p.367] and 76% to BDT 15.7bn in the nine months to September 2026, an EPS of 10.06 against 5.72 [2 p.8]. Almost all of that growth came from government securities. Deposits rose 21.3% in nine months to BDT 1,086bn while loans rose 6.2% [2 p.6], and investments grew from BDT 300bn to 484bn. Investment income rose 53% to BDT 36.9bn, while reported net interest income fell to BDT 3.7bn and turned negative in the third quarter (minus 1.5bn) [2 p.8].

Reported NII understates the lending business and overstates treasury, because Pubali books bond premium amortisation and HFT, HTM and repo costs inside interest expense (BDT 7.1bn in FY2025, 6.1bn in 9M 2026) [s1 p.462; s2 p.18]. Netting those costs against investment income, and charging the bond book its share of deposit cost, treasury contributed about BDT 12.3bn in FY2025 (24% of operating income) against about 32.2bn from lending [15]. That matched measure is the one we use throughout; before charging funding cost, net treasury income was 28.0bn (54%), which overstates treasury. The bank bought bonds in 2025 when yields were above 12%; with the 10-year T-bond now at 9.27% [8] the carry will narrow as holdings roll.

Our forecast has EPS of BDT 12.61 in FY2026F, falling to 9.19 in FY2027F and 9.76 in FY2028F as the gross investment yield falls from 13.0% (Q4 2026, annualised) to 10.8% and credit cost rises to 1.5%. ROE falls from 24.3% in FY2026F to 13.3%, also because no cash dividend can be paid while paid-up capital is below Tk2,000 crore, so book grows faster than profit. For the long run we reset the net treasury yield to the T-bond less 1pp and hold credit cost at 1.30% (FY2025 level, above the FY2022–25 average of 1.06%); normalised ROE is 12.0%. On the same NPAT-over-average-equity basis, FY2022–25 ROE was 13.0%, 15.2%, 15.3% and 17.7% (median 15.3%) [s15 on s1 p.367]: we are below that whole range because the zero-payout years leave more equity earning bond yields, bond yields fall back and credit cost stays higher. Against a cost of equity of 15.8% that justifies 0.57x adjusted book.

The price implies a sustainable ROE of about 14.7%, slightly below the FY2022–25 average-equity median of 15.3%: the market is paying for close to the recent history continuing, not for the 9M 2026 peak (annualised ROE above 20%). The price of 42.9 is above our range. We rate uncertainty High. A 1pp higher deposit cost from FY2027 takes base value to BDT 8.1; a 2pp lower investment yield to 8.9. The stock rose 120% in two years against 3% for the DSEX [7]. The latest period in this report is the nine months to 30 September 2026.

Pubali is a BDT 1.43 trillion branch-led bank with 517 branches; its Islamic window earns 10% of profit and its one subsidiary about 1%

Pubali Bank is one of Bangladesh's largest private commercial banks by branch network: 517 branches, 274 sub-branches and 10,819 staff at end-2025 [1 p.369]. It makes money in three ways. First, lending: BDT 755bn of loans at September 2026, mostly overdrafts, cash credit, term loans and trade finance for corporate and SME borrowers, earning 9.5% on our measure [s2 p.6, p.18]. Twenty-one groups each borrow more than 10% of regulatory capital, together BDT 244bn, 34% of the book [1 p.442]. Second, treasury: BDT 465bn of government bills and bonds at September 2026, up from 283bn at December [2 p.12], funded by a deposit base that grew far faster than lending demand. Third, fees: BDT 5.0bn of commission and exchange income in FY2025 from L/Cs, guarantees, acceptances and FX on BDT 473bn of imports, 387bn of exports and 114bn of remittances [s1 p.368, p.462], plus card, online and account fees.

What is changing: the bank is buying a 26-storey head office (Swiss Tower, Tejgaon) for BDT 800 crore, subject to Bangladesh Bank approval (board decision 22-Jul-2026) [5]; we add BDT 8bn to fixed assets in FY2027; rent saved on the current head office is not disclosed and is excluded. The board also approved a US$100mn five-year green bond (March 2026) and raised Tier-2 capital through a BDT 5bn 5th subordinated bond (BSEC consent September 2025) [5]; we assume neither in the base case. Shareholders approved doubling authorised capital to Tk4,000 crore on 25 October 2026 [s5; s12], which opens the way to a rights issue or larger stock dividends (capital section).

Islamic window. Pubali runs an Islamic banking wing inside the bank. In FY2025 it earned BDT 7.96bn of investment income and paid 5.82bn to mudaraba depositors, a pre-tax profit of BDT 1.91bn and net profit of 1.10bn, about 10% of bank profit [1 p.483]; its assets were BDT 89.6bn, 7.6% of the bank [1 p.375]. Unlike some peers' windows, it is profitable and grew (FY2024 net profit 0.50bn), so we keep it inside the bank-wide drivers without a separate scenario. The 2026 interims do not report the window separately.

Subsidiary. Pubali Bank Securities Ltd (brokerage) is the only subsidiary: equity investment BDT 6.6bn [1 p.481], and FY2025 consolidated profit of BDT 10.90bn against 10.80bn solo [1 p.467], so it adds about 1% of profit. It is not significant under our rule (below 10% of profit, assets and value; not listed), so we value the bank on standalone figures with the subsidiary at book. Sum of the parts does not apply.

Deposits grew 22.6% in the year to June 2026 against 10.7% for the system; loans 12.9% against 4.3%

Bangladesh's banking system grew deposits 10.7% and loans only 4.3% in the year to June 2026 (Scheduled Banks Statistics, Table 102 [9]). Private credit is weak, and depositors moved from troubled and merged banks toward banks seen as safe. Pubali gained share on both sides: deposits rose from BDT 807bn to 989bn (+22.6%) and loans from 653bn to 737bn (+12.9%) over the same twelve months [s4 p.6; s3 p.6]. The pace continued: deposits added another BDT 97bn in the third quarter alone, to BDT 1,086bn [2 p.6].

The new money is not cheap. Current and savings deposits were 30.2% of deposits at September 2026 (30.0% at December) [s2 p.6; s1 p.481]; the rest is term deposits and schemes. Interest on deposits and borrowings ran at 5.98% of average deposits in Q3 2026, up from 5.73% for the nine months [s2 p.18; s15], against a system weighted-average deposit rate of 6.21% [9]. Loans to deposits fell to 69.5%, so most new deposits went into bonds. We forecast deposits +12% and +11% in FY2027–28F, about the system rate plus the bank's recent share gain fading, and loans +8% and +9%, ahead of the system as policy rates fall.

Core NIM peaks at 4.8% in FY2025 and falls to 3.9% by FY2028F as 12% bonds roll off

Because Pubali books bond costs in interest expense, the reported NIM (0.95% on earning assets in FY2025 [1 p.368]) is not comparable with peers. We use core NIM, NII plus investment income over average loans and investments, which does not depend on where treasury costs are booked: 4.6% in FY2024 and 4.8% in FY2025 [15]. Its two halves move differently. The loan yield was 10.0% in FY2025 and 9.5% annualised in 9M 2026, and the deposit and borrowing cost 6.1% and 5.7%; the lending spread is about 3.6–3.8pp [s2 p.8, p.18; s15]. The gross investment yield was 13.8% in FY2025, including BDT 6.0bn of gains on bills and bonds [1 p.462], and 11.0% net of the treasury interest line.

Treasury drivers. Interest on treasury bonds alone was BDT 27.6bn in 9M 2026, against 17.7bn a year earlier, and gains on bills and bonds 4.3bn [2 p.18]. In Q3 2026 investment income was BDT 16.2bn, of which about 2.2bn were gains, against 11.3bn in Q2 [s2 p.18; s3 p.18]. T-bill cut-offs are now 8.6–8.8% and the 10-year bond 9.27% [8], so new purchases earn 3–4pp less than the 2025 book. We take the gross investment yield from 13.0% in Q4 2026 to 11.8% in FY2027F and 10.8% in FY2028F, with the treasury interest line falling from 3.0% to 2.0% of investments as premium bonds amortise. Net treasury income still rises to BDT 55.1bn because the book grows.

Deposit cost. We take the deposit and borrowing cost from 6.0% (Q4 2026) to 5.6% in FY2028F as policy rates fall; the system deposit rate eased only 0.10pp in a year [9], which is why we let deposit costs follow only 30% of a fall in bond yields in the long run. Fees. Commission, exchange and brokerage grew 19.5% in 9M 2026 to BDT 4.2bn, with L/C acceptance and guarantee fees leading [2 p.18]; we forecast +10% and +9% for FY2027–28F with trade volumes. Other operating income (cards, online and account fees) grew 33.7% [2 p.19]. Costs. Operating expenses grew 16.5% in 9M 2026 [2 p.8]; we forecast +13% and +11%, including depreciation on the new head office, so cost-to-income rises from 44.5% to 47.3%.

Gross NPL is only 2.47%, but rescheduled loans are 14.84% of the book and special mention loans rose to BDT 60.9bn

Pubali's headline asset quality is good for Bangladesh: gross NPL 2.20% at end-2025, down from 4.36%, and 2.47% at September 2026 (BDT 18.6bn) [s1 p.368; s2 p.13], against a system NPL ratio of 30.6% at December 2025 cited in the annual report [1 p.90]. The fall in 2025 came from BDT 6.9bn of write-offs and from rescheduling: the bank kept a BDT 6.5bn general provision on loans rescheduled under BRPD circular 07/2025 and 2.9bn on loans rescheduled through Bangladesh Bank's policy-support committee [1 p.443]. Rescheduled loans were 14.84% of total loans at end-2025, above the bank's own 12% appetite limit [1 p.168].

Three signs point to more stress than the NPL ratio shows. Special mention (overdue but not classified) loans rose from BDT 9.9bn at end-2024 to 37.4bn at end-2025 and 60.9bn at September 2026 [s1 p.442; s2 p.13]. Interest suspense, interest booked on stressed and rescheduled loans but not taken to income, rose from BDT 10.4bn to 16.3bn in 2025 and 23.8bn at September 2026 [s1 p.469; s2 p.15]. And provisions swung to a BDT 1.7bn write-back in Q3 2026 [2 p.8]. Specific provisions cover 75% of classified loans at September 2026, and total provisions met the requirement (excess BDT 10mn) [s2 p.13, p.15].

The base case carries this stress. (1) Credit cost rises from the 0.9% 9M 2026 run-rate to 1.3%, 1.5% and 1.3% in FY2026–28F, at or above the FY2022–25 average (1.06%) and the FY2025 level (1.30%), and the long-run level stays at 1.30%. (2) NPL migrates from special mention and rescheduled loans: about a quarter of September SMA (BDT 60.9bn, 8.1% of loans) plus some rescheduled loans becoming classified takes NPL to 4.5% in FY2027F and 5.5% in FY2028F. (3) Each loss is counted once. The adjusted book deducts only the existing stock: half of net NPL at end-2025 (BDT 0.7bn). Future migration from special mention and rescheduled loans is charged through the forecast provisions above and the 1.30% long-run credit cost, not deducted again from book; rescheduled loans already carry BDT 9.4bn of general provision [1 p.443]. The bear case has 1.7% credit cost and 6.5% NPL. If 10% of loans became classified with a 100% haircut and 3% credit cost in FY2027, fair value would be BDT 22.4 (risks table).

Paid-up capital of Tk1,562 crore bars cash dividends from FY2026; reaching Tk2,000 crore needs 28% more shares

Pubali's CRAR was 15.34% at end-2025 (Tier-1 9.69%) against a 12.5% requirement including the buffer, a surplus of BDT 31.9bn [1 p.367]. Bonds carry no risk weight, so risk-weighted assets track loans (84% of loans for three years), and the bond carry adds capital without consuming it. With all profit retained our CRAR rises to 16.4% in FY2026F and 16.8% in FY2028F [15]. The 2026 interims do not disclose capital ratios.

The dividend rule. Bangladesh Bank's SPCD Circular No. 06 of 23 May 2026 says a bank whose paid-up capital is below Tk2,000 crore may not pay any cash dividend; banks that qualify may pay at most 50% of their total declared dividend in cash. It applies to dividends for the year ending 31 December 2026 and later, and the earlier conditions of DOS Circular No. 01 of 13 March 2025 remain in force [6]. The Daily Star named Pubali among the banks below the line [s11; s10]. Pubali's paid-up capital is Tk1,562 crore (15,617mn) after the 20% stock dividend for FY2025 [2 p.6]. For FY2025 the board had proposed 15% cash and 15% stock, and the AGM of 16 June 2026 changed it to 10% cash and 20% stock [5], which moved paid-up capital closer to the threshold.

Our base case retains all profit. Cash payout is zero in FY2026–28F. After the threshold is met we assume a 30% cash payout in the terminal period (the FY2021–25 cash average was 12.5% of face, about a third of profit [1 p.369]); the bear case uses 50%. With 0% forever, base value would be BDT 30.3; with 50%, 32.1. At the old 12% cash payout in FY2026–28F it would be 32.2: retained profit earns roughly the 12% normalised ROE, below the 15.8% cost of equity, so holding it back costs value. There are two routes to the threshold. Both need authorised capital above the current Tk2,000 crore: shareholders approved Tk4,000 crore at the EGM of 25 October 2026, but Bangladesh Bank has still to approve it [s5; s12].

Route (a): stock dividends. About 28% of cumulative bonus shares are needed; for example 15% for FY2026 and 12% for FY2027 would take paid-up capital to Tk2,011 crore, so cash could resume (at most half the total dividend) from the FY2028 declaration. A stock dividend changes no value: base value per post-bonus share would be BDT 23.5, the same total as 30.3 today. Route (b): a rights issue. Raising the gap at Tk10 par means about 438mn new shares (roughly one for every 3.6 held), BDT 4.4bn. United Commercial Bank's 1R:2 rights issue at Tk10, approved by BSEC in July 2026, is the recent precedent [s13; s14]. We value the proceeds at our justified P/B of 0.57x, since new equity parked in bonds earns below the cost of equity: base value per post-rights share would be BDT 24.9, and a holder who subscribes would be 1.2 a share worse off than today's 30.3. It would cut FY2027F ROE from 14.4% to 14.0% and lift CRAR from 16.7% to 17.3%. The theoretical ex-rights price at today's 42.9 would be 35.7.

Governance: the auditors (G. Kibria & Co. and Hussain Farhad & Co.) gave an unmodified FY2025 opinion with an emphasis of matter on preparing the accounts under Bangladesh Bank loan-classification and provisioning rules, and named loan provisioning, rescheduling and write-offs as a key audit matter [s1 p.383–384]. CRISL rates the bank AAA / ST-1 [5]. Directors held 28.20% of shares at end-2025 [1 p.364]; a company connected to a director bought 5.35mn shares in September–October 2026 [5].

We forecast net profit of BDT 19.7bn in FY2026F, falling to 14.4bn in FY2027F as bond yields and credit cost normalise

FY2026F is the nine-month actual plus a forecast fourth quarter of BDT 4.0bn, below Q3's 8.9bn, which included gains and a provision write-back. FY2027F profit falls to BDT 14.4bn: net treasury income still grows, but lending NII shrinks as deposits grow faster than loans at a 5.8% cost, provisions rise to 1.5% of loans and tax returns to 38% from 31.8% in 9M 2026, when deferred-tax income lowered it [2 p.8]. Every line comes from its own driver in the Assumptions sheet; the balance sheet balances through investments, which absorb the deposits that loans do not use.

Fair value BDT 17–39, base 30: a 12.0% sustainable ROE justifies 0.57x adjusted book

Method. Residual income on adjusted book carries 75% of the weight, a peer median P/B on the same standalone adjusted book 10% and a P/E on normalised EPS 15%. The F01 peer P/B–ROE regression is replaced by the median because its fit is weak (R² 0.18). Cost of equity is 15.8%: the 10-year T-bond cut-off of 9.268% (25-Oct-2026) [8] plus a Blume-adjusted beta of 0.88 (raw 0.81, two years of weekly returns against the DSEX, R² 0.21) times a 7.5% equity risk premium. Terminal growth is 7%.

Adjusted book. Book equity at end-2025 of BDT 69.6bn [1 p.367] less half of net NPL at that date (0.7bn; future migration is charged through provisions) gives an adjusted book of BDT 68.9bn. Residual income in FY2026–28F adds BDT 6.1bn of present value; the terminal term is negative (-33.8bn) because the normalised ROE is below the cost of equity. Rolled forward to October 2026 and net of the FY2025 cash dividend, residual income is BDT 29.1 a share. The peer median P/B of 0.77x on September 2026 book less half of its net NPL of BDT 55.3 gives 42.5; the P/E leg, 4.5x normalised EPS of BDT 6.26, gives 28.1. Own year-end P/E was 3.7–7.1x in FY2021–25, median 5.0x [1 p.369].

Normalised ROE. We start from FY2028F, move the net treasury yield to the T-bond less 1pp (8.3%; adjustment BDT -1.4bn after tax, with deposit costs following 30% of the move) and keep the long-run credit cost at 1.30%, the same as FY2028F in the base (adjustment 0.0bn). That gives 12.0%. On the same basis (NPAT over average equity) ROE was 13.0%, 15.2%, 15.3% and 17.7% in FY2022–25, median 15.3%, range 13.0%–17.7% [s15 on s1 p.367]; the bank's reported figures (9.8–15.5%, FY2021–25 [1 p.368]) use a different equity base. 9M 2026 annualised was about 26% [15]. Our 12.0% is below the FY2022–25 range: the 2026 level rests on a bond book bought at peak yields, and the dividend rule leaves more equity to earn on. The implied P/B of our base is 0.53x September 2026 book, and the implied P/E 2.4x FY2026F and 3.3x FY2027F.

Why the base is below every peer's P/B (0.60–0.97x). Peers' screener P/Bs are set on current ROEs of 15–27% that also carry 2025–26 bond income; we normalise Pubali's yields and do not normalise theirs, so part of the gap is method. The rest is specific to Pubali in its filings: rescheduled loans were 14.84% of loans at end-2025, above its own 12% limit [1 p.168]; special mention loans rose from BDT 9.9bn to 60.9bn (8.1% of loans) in 21 months [s1 p.442; s2 p.13]; interest suspense rose from BDT 10.4bn to 23.8bn [s1 p.469; s2 p.15]; equity is about 6% of assets; and the 9M 2026 ROE rests on a bond book bought at peak yields. That is why the residual-income leg (29.1) sits below the peer-median leg (42.5), which applies the peers' 0.77x to Pubali's book with no such adjustment and carries 10% weight. We have not tested peers' rescheduled and SMA exposures, so we do not claim Pubali is worse than each of them.

The bear case is a plausible 25% case, not every shock at once: the gross investment yield is 0.4pp below base (10.4% by FY2028F), credit cost 1.6–1.7%, NPL 6.5%, deposits +9–10% and loans +7–8%, with a cost of equity 1pp higher, a 100% haircut on existing net NPL, 6% terminal growth and a 50% terminal payout; deposit cost and tax stay on the base path (their shocks are in the risks table). FY2027F EPS is BDT 6.56 and sustainable ROE 8.8%, below the lowest reported year (FY2021, 9.8% [1 p.368]); every leg stays positive (residual income 14.0). A separate stacked stress (yield 0.8pp lower, credit cost 2.0%, NPL 8%, tax 39%, deposits +8%, Ke +1pp) gives 13.8; it is in the risks table, not the range. Those shocks carry fully into long-run ROE, with no repricing of loans to offset them; because equity is about 6% of assets, a 1pp lower yield on BDT 1.24 trillion of loans and investments removes about half of the profit. The bull case changes only loan growth (10–11%), fees (+12%), credit cost (1.2%) and NPL (3.5–4.0%) from the base, with a cost of equity 1pp lower; sustainable ROE is 12.6%.

Deposit cost is the largest risk: 1pp higher takes 73% off base fair value

Each risk below is a workbook recalculation with one input changed from the base case, and names the line it moves. Bond-yield and deposit-cost shocks carry fully into normalised ROE; half of a credit-cost shock carries into the long run; NPL shocks act through provisions (the 100% haircut rows apply to the existing net NPL). Zero loan growth slightly raises value, because new loans earn little more than bonds after credit cost and need capital.

Context risks that move no line in our model: a change of Bangladesh Bank policy on rescheduled loans (BRPD 07/2025 required a general provision equal to the specific provision held before rescheduling [1 p.384]); bank-resolution and merger policy, which has pushed deposits toward banks like Pubali; and any change to the dividend rule itself. Directors hold 28.20% of shares [1 p.364].

• FY2026 annual results (expected by April 2027): standalone EPS near BDT 12.6, the first 2026 classification and CRAR, and rescheduled loans as a share of the book.
• Quarterly interest on deposits: above 6.2% of average deposits would mean deposit pricing is not easing.
• Quarterly investment income: below BDT 12bn would mean yields falling faster than our base.
• Special mention loans and interest suspense: further rises point to the bear case.
• FY2026 dividend and capital: the size of any stock dividend, a rights issue at par, or the green bond.

FAQ

What is Pubali Bank's fair value?

We estimate BDT 17–39 a share, base 30 and probability-weighted 29, against 42.9 on 29-Oct-2026. It blends residual income on adjusted book (75%), a peer median P/B on the same book (10%) and a P/E on normalised earnings (15%).

Why did Pubali Bank's profit jump in 2026?

Deposits grew 21% in nine months and went into government bonds bought at high yields: investment income rose 53% to BDT 36.9bn in 9M 2026, and Q3 also had a BDT 1.7bn provision write-back. Nine-month EPS was 10.06 against 5.72.

Why is Pubali Bank's net interest income negative?

The bank books bond premium amortisation and HFT, HTM and repo costs (BDT 6.1bn in 9M 2026) inside interest expense, while the bond coupons sit in investment income. Lending itself earns a spread of about 3.6–3.8pp; measured net, treasury earned BDT 30.9bn in 9M 2026.

Can Pubali Bank pay cash dividends?

Not until paid-up capital reaches Tk2,000 crore: Bangladesh Bank's SPCD circular 06 of 23 May 2026 bars cash dividends below that from the FY2026 dividend onward, and Pubali's paid-up is Tk1,562 crore. It needs about 28% more shares through stock dividends or a rights issue; shareholders approved Tk4,000 crore of authorised capital on 25 October 2026.

How good is Pubali Bank's asset quality?

Gross NPL was 2.47% at September 2026, but rescheduled loans were 14.84% of the book at end-2025, special mention loans rose to BDT 60.9bn and interest suspense to 23.8bn, so our base case raises NPL to 5.5% by FY2028F, and keeps credit cost at 1.3–1.5%, with 1.30% in the long run.

Sources

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2. Pubali Bank PLC un-audited financial statements, nine months to 30-Sep-2026 · link · accessed 2026-10-31
3. Pubali Bank PLC un-audited financial statements, half year to 30-Jun-2026 · link · accessed 2026-10-31
4. Pubali Bank PLC un-audited financial statements, half year to 30-Jun-2025 · link · accessed 2026-10-31
5. Dhaka Stock Exchange news archive for PUBALIBANK, Nov-2024 to Oct-2026 (dividend, AGM, EGM, authorised capital, HQ purchase, director share purchases) · link · accessed 2026-10-31
6. Bangladesh Bank SPCD Circular No. 06, 23-May-2026, dividend declaration policy for banks (Bangla) · link · accessed 2026-10-31
7. AnalystBro market data: DSE prices (PUBALIBANK, DSEX) and bank screener, 29-Oct-2026 · link · accessed 2026-10-31
8. Bangladesh Bank call money and treasury auction pages, 29 Oct 2026 (10-year bond cut-off 9.2680% on 25-Oct-2026) · link · accessed 2026-10-30
9. Bangladesh Bank, Scheduled Banks Statistics Apr-Jun 2026 (Table 102) · link · accessed 2026-10-30
10. The Business Standard, 'No cash dividend for banks under Tk2,000cr paid-up capital: BB', 23 May 2026 · link · accessed 2026-10-31
11. The Daily Star, 'Banks below Tk 2,000cr capital barred from cash dividends', 24 May 2026 · link · accessed 2026-10-31
12. The Business Standard, 'Pubali Bank shareholders approve doubling authorised capital to Tk4,000 crore', 25 Oct 2026 · link · accessed 2026-10-31
13. The Business Standard, 'UCB gets BSEC approval for Tk775cr rights issue to meet capital requirement', 7 Jul 2026 · link · accessed 2026-10-31
14. The Financial Express, 'BSEC approves UCB rights issue, new open-ended MF', 8 Jul 2026 · link · accessed 2026-10-31
15. AnalystBro model (workbook on this page) · accessed 2026-10-31