A regional commercial bank is considering a loan with the following parameters that would be fully funded by deposits:

• Loan amount: CNY 3.8 billion

• Average annual interest rate paid on deposits: 0.6%

• Annual interest rate received on loan: 4.1%

• Expected loss: 3.0% of face value of loan

• Annual operating costs: 0.3% of face value of loan

• Economic capital required to support the loan: 15.0%

• Average pre-tax return on economic capital: 2.0%

• Effective tax rate: 38%

• Other transfer costs: CNY 0

What is the after-tax RAROC for this loan?