📈 Near-Term Growth Moderation with Recovery in Sight 💰 Solid 4Q performance: PATMI LKR 14.1bn and EPS LKR 24.69, supported by a healthy margin, loan growth, and an impairment reversal reflecting improved recoveries. 📘 BRS Outlook: Credit growth to moderate in 2026E amid global uncertainties, with earnings likely to remain flat short term before recovering from 2027E. NIMs expected to stay stable, amidst strong provision buffers and improving asset quality. 📈 Valuation & recommendation: • HNB.N – BUY | TP: LKR 494 (+20.4%) • HNB.X – BUY | TP: LKR 412 (+16.6%) ⚠️ Risks: Geopolitical tensions, credit slowdown, monetary tightening, policy uncertainty