Strong Momentum with Sustainable Growth 📈 Strong Earnings Momentum EPS reached LKR 10.41, supported by 18% YoY NII growth to LKR 40.9bn, a healthy 4.5% NIM, and robust 9% QoQ loan growth. Non-fund-based income surged 52% YoY to LKR 17.4bn, despite higher impairment provisions. 💳 Strong Credit Growth Outlook We expect 20% credit growth in 2026E, supported by expansion across manufacturing, offshore lending and consumption, with NIMs expected to remain around 4.4%. 📊 Sustainable Earnings Growth We forecast 16% PATMI CAGR over 2025–2028E, driven by credit growth, non-fund-based income and cost efficiencies. 🎯 Valuation & Recommendation: COMB.N TP: LKR 257.00 (+25.4%) | BUY COMB.X TP: LKR 224.00 (+20.8%) | BUY ⚠️ Risks: (1) Prolonged US–Israel–Iran conflict (2) Credit slowdown (3) Monetary tightening (4) Policy uncertainty