Improvement in CI ratio to enhance return ratios In a bid to grow aggressively, DCB adopted an aggressive branch expansion drive in Q2FY16. The bank successfully doubled its branch count and further raised it to 333 as of FY19. The banks also invested in various customer facing technology to increase its reach. With bulk of these investments towards increasing scale & scope of reach behind us and moderation in incremental branch expansion, we expect cost-to-income ratio to moderate to 53.6% by FY21E (currently at 56.6%). This reduction in pace of opex is...