Maintain BUY with a TP of Rs 218 (2.3x Dec-19 ABV of Rs 95). DCBBs 3Q results were a mixed bag. Though growth picked up (+28% YoY) and profitability sustained, asset quality deterioration blemished the show as slippages (~2.3% ann.) stood at a 11-qtr high. However, GNPA accretion was curtailed by higher reductions (+22% QoQ). NIMs (4.12%, down 10bps QoQ) dipped as yield pressure continued. The jump in PCR (+140bps QoQ to 73.4%) and robust fees (+41% YoY) were key positives.