We retain BUY on DCB Bank (DCBB) with TP at Rs205. Q2'19 results were strong on many counts robust loan growth, healthy core operating profit, limited slippages and higher than expected NII / PAT. NIM (reported) declined 7bps QoQ; we expect trend in NIM to reverse in H2FY19. Cost / asset ratio declined further to 2.6% (vs. 2.9% for FY18) and re-affirms our thesis of improved branch productivity. Continued traction will aid in increased profitability. Capital position remains strong;...