DCB Banks (DCBB) 4QFY16 results surprised yet again. Improved NIM (4.1%, 10bps QoQ), controlled opex and higher traction in recoveries and fees ( 9% QoQ) led to ~17% PPOP beat and 160bps QoQ C-I improvement. With almost nil tax provisions, PAT at Rs 695mn was ~74% higher than estimate, despite non-tax provisions being pushed up by 30% QoQ.