📈 Built to Withstand, Positioned to Grow 💰 Strong 4Q performance: PATMI of LKR 12.9bn and EPS of LKR 7.82, with NII up 29% YoY (+8% QoQ) to LKR 37.5bn, supported by a solid NIM of 4.5% and loan growth (+10% QoQ). 📘 Cautious credit outlook: ~LKR 560bn disbursements (+37% YoY) in 2025, however loan CAGR revised to 12.4% (2025–2027E) amid external headwinds. 🛡 Asset quality improving: Stage 3 ratio at 1.5% with provision coverage at 73.5%, supporting strong buffers. 📉 Cost efficiency: Cost-to-income ratio expected to remain below 30%. 📈 Valuation & recommendation: • COMB.N – BUY | TP: LKR 242 (+20%) • COMB.X – HOLD | TP: LKR 210 (+11%) ⚠ Risks: Prolonged US – Israel - Iran conflict, credit slowdown, monetary tightening, policy uncertainty