We have tweaked our estimates to factor in superior NIM, healthy non-interest income and higher NPAs. With near completion of branch expansion, recent fund raise and traction in core fees, the oplev is expected to improve hereon (key to RoAA improvement). Healthy business traction, no major asset quality woes and a conservative management are key virtues. Maintain a BUY with a TP of Rs 222 (2.5xFY19E ABV of Rs 89) DCB Banks (DCBB) 1Q earnings optically beat estimates, driven by higher treasury gains (Rs 287mn). Even ex-treasury, the quality of earnings was superior led by sustained credit growth (+22%), superior NIM (4.23%, supported by fund raise), CASA ratio (~26.9%) at a 16-qtr high with 40% SA growth and healthy fee income (+15% QoQ, in a seasonally weak quarter).