DCBBs Annual Report for FY17 vindicates our stance of continued growth momentum (led by widening of its network, increased product offerings) and stable asset quality trends, given lower exposure to stressed sectors and improving granularity. Despite our conservative assumption on margins, oplev and slippages, DCCB is set to cross 1% RoAA by FY19E. Maintain BUY with a TP of 221 (2.5xFY19E ABV)