📈 Well Positioned to Weather Near-Term Uncertainty 💰 Resilient 1Q 2026 performance with PATMI of LKR 10.1bn and EPS of LKR 17.64, supported by a healthy 4.5% NIM and strong loan growth. Higher provisions reflect a prudent approach amid global uncertainties. 📘 BRS Outlook: We expect credit growth to moderate to ~14% in 2026E as economic activity softens. However, stable margins, strong provision buffers, and healthy capital adequacy should support earnings resilience. 📈 Valuation & Recommendation: • HNB.N – BUY | TP: LKR 467 (+17.9%) • HNB.X – BUY | TP: LKR 389 (+20.2%) ⚠️ Risks: Prolonged US–Israel–Iran conflict, credit slowdown, monetary tightening, and policy uncertainty.