Healthy Core Operating Performance on Key Metrics; Maintain BUY DCB Bank has posted a higher-than-estimated net earnings in 1QFY18 on the back of 19bps QoQ rise in NIMs to an all-time high of 4.23%, higher treasury gain of Rs287mn (vs. Rs41mn in 4QFY17) and 14.8% QoQ rise in core fee. On the other hand, fresh slippages increased sequentially to Rs887mn vs. Rs742mn in 4QFY17 led by higher slippages in LAP, AIB and gold loan portfolio. As a result, provisioning expenses rose by 72.9% YoY and 4.6% QoQ to Rs355mn. The Bank's net profit grew by 38.7% YoY and 23.4% QoQ to Rs652mn owing to strong growth in operating revenue, which offset higher provisioning and operating expenses. We reiterate our...