Cost and Capital Efficiencies to Aid RoE; Maintain BUY DCB Bank continued to deliver a consistent performance in 4QFY19 with 21% YoY growth in noncorporate advances, sustained decline in C/I ratio and further improvement capital consumption. CI ratio improved by 300bps YoY to 57% in FY19 (55% in 4QFY19), contributing ~30bps to RoA in FY19. Mortgages and AIB continue to be the key drivers for loan growth in 4Q and FY19. Focus on small-ticket granular loans, efforts towards cost rationalisation, and improved capital consumption should aid expansion in RoE going forward. Margin decline in FY19; to Improve Hereon Margins declined by 33bps YoY to 3.8% in FY19 led by higher cost of funds (+25bps YoY) and...