We retain BUY on DCB Bank (DCBB) with TP at Rs215. Q1'19 results beat our estimates on both revenue and earnings front. NIM at 3.56% (calc) declined 12bps QoQ and was well on the expected lines. While we foresee some improvement in NIM (especially in H2FY19), the overall trend will remain lower for FY19E (over FY18). Our calculation suggests employee productivity on rise; continued momentum will aid in increased profitability. Loan growth momentum remains intact, asset quality under check, capital position strong; we see RoA /...