DCB Bank (DCBB) reported PPoP growth of 23% YoY (12% beat), as the 7%beat on total income was offset by the 4% miss on opex. NII growth of 20%YoY was led by 29% loan growth, while other income rose 33% YoY (39% YoY core fee income growth led to a 16% other income beat). 4QFY18 NII included INR26.2m from interest on tax refund. Cost-to-core income ratio stood at 60.1%, the lowest since 4QFY16.Provisions at INR388m (+14% YoY) were in line, while higher-than-expected taxes partly offset the PPoP beat, resulting in PAT (INR642m, +21% YoY)exceeding our estimate by 12%