💰 *Earnings boost:* PATMI LKR 11.7bn (+37% YoY), EPS LKR 20.54, driven by LKR 4.6bn impairment reversal (vs. LKR 815mn provision in 2Q 2024). 🏦 *Loan book accelerates:* Credit growth +9% QoQ in 2Q 2025, led by FCY, leasing, and corporate segments. 2025E loan growth forecast at 18%. 📉 *Margins compress, expected to stabilize:* NIM at 4.2% (vs. 4.9% in 4Q 2024); normalization around ~4.5% expected as yields settle. 🛡 *Asset quality cushions earnings:* Reversals likely to extend into 2H 2025E. From 2026E, provisions to normalize despite strong 75% cover. 📊 *Valuation & BUY call:* 2026E TP LKR 461 (voting) / LKR 393 (non-voting), implying upside of 19.7% / 32.4%. ⚠ *Risks:* Political/policy uncertainty, weak consumer demand, inflation-led rate hikes, geopolitical tensions.