📈 Built for Resilience, Positioned for Sustainable Growth 💰 Strong start to 2026: PATMI of LKR 17.7bn and EPS of LKR 10.73, supported by a healthy 4.5% NIM, steady loan growth, and lower impairment provisions reflecting improved asset quality and prudent overlays. 📘 BRS Outlook: We expect credit growth to moderate to ~12% in 2026E amid global uncertainties and spillover effects from Middle East tensions. However, resilient fund-based and non-fund-based income, strong provision buffers, stable NIMs, and cost efficiency should support earnings growth in 2026E. 📈 Valuation & Recommendation: • COMB.N – BUY | TP: LKR 253 (+25.1%) • COMB.X – HOLD | TP: LKR 220 (+14.7%) ⚠️ Risks: Prolonged US–Israel–Iran conflict, credit slowdown, monetary tightening, and policy uncertainty