Maintain BUY with a TP of Rs 216 (2.2x Mar-20 ABV of Rs 98). After beating our growth forecasts for FY18, DCBB delivered faster than expected growth (+31% YoY) yet again. Curbed costs (up merely 4% QoQ) and significantly lower provisions (64bps vs 80bps QoQ) led to a 20% beat in net earnings. Though the erosion in margins (-26bps QoQ) seems massive, it is mostly optical due to the comparison with reported NIMs (annual) in 4Q. The spike in GNPAs (9% QoQ, a 1Q phenomenon) was lower than previous years.