DCB Bank's loan growth is healthy at 23% YoY driven by granular segments. NII grew by 17% YoY (2% above expectations) with NIMs flattish on sequential basis. Non-interest income has grown by 26% on the back of doubling of treasury profits and 20% growth in non-treasury income. Cost-to-income has eased by 720bps YoY to 55.2%, excluding treasury it is at 56.9%. PAT has grown by 52% YoY (16% above expectations). Slippages have tad increased, yet asset quality continues to be one of the best among mid cap banks. With improvement in outlook, we have tad increased our TP to Rs220 (Rs210...