COMB is the largest private sector bank in Sri Lanka, commanding ~12.6% of the industry’s loan book. It is the only private bank designated as a higher-tier D-SIB by CBSL. The bank operates 271 local branches and extends its reach through subsidiaries in the Maldives and Myanmar, along with 20 branches in Bangladesh. We initiate coverage on COMB with a Buy recommendation, supported by 2025E target prices of LKR 175.50 (voting) and LKR 146.25 (non-voting), offering upside potentials of 21.7% and 22.4%, respectively, on current market prices.