Despite macro challenges (Demon and GST), DCBB fulfilled its almost prophetic guidance of 1% RoAA. While loan growth disappointed in 4QFY19 (16%), stable margins, improving op-lev and asset quality impressed. With its core growth engine intact, we believe DCBB has the potential to grow at faster rates. Upgrade earnings by ~12/16% for FY20/21E. A significant improvement in resulting efficiencies (anticipated) drives up our RoAA estimate to ~1.2% by FY21E. 4QFY19 marked the fulfillment of dual commitments by DCBB, viz. (1) Achievement of 1% RoAA in FY19A, (2) A meaningful improvement in operating efficiency (C-I ratio lowest in 20 qtrs). We maintain BUY with a TP of Rs 228 (2x FY21E ABV of Rs 114).