Maintain BUY with a TP of 213 (2x Dec-20E ABV of Rs 106). DCBBs strong core operating performance was driven by an uptick in NII (+17% YoY), higher other income (rise in treasury gains and misc. inc) and controlled opex (6/2%). This led to a continued improvement in operating efficiency (core C-I ratio down 250bps to ~56.9%).