DCB Bank (DCBB) reported PPoP growth of 12% YoY (1% above estimate), as 8% beat on total income was offset by 23% growth in opex. NII growth of 20% YoY was led by 17bp expansion in reported NIM, while other income grew 17% YoY (core fee income increased 41% YoY). However, total income growth trailed opex growth (+20% YoY adjusted for INR50m of bond issue-related expenses). Adjusted for the one-off expense, the CI ratio stood at 60.8% compared to 60.3% in 2Q and 57.2% in 1Q. Provisions at INR343m (+12% YoY) were 4% below estimate, while higher-than-expected taxes resulted in PAT of INR570m (+11% YoY, 5% miss). Strong growth in corporate (+35%), MSME (+39%) and AIB (+28%) books led to 7%/28% QoQ/YoY growth in loan book to INR186b. Other smaller categories such as CV/CE (+59%), gold (+28%) and construction finance (+91%) also showed strong growth.