DCB Bank's exit quarter Q4FY19 guidance given 3 years back on operational efficiency is largely met. Cost-to-income, ROA and ROE is at 53.7%, 1.1% and 13.7% against its guidance of 55%, 1% and 14% respectively. Earnings for Q4FY19 are 8% ahead of our estimates. Loan growth ex of corporate segment is healthy at 21%. NIMs are steady sequentially at 3.8%. Cost-to-income has eased by 568bps YoY to 53.7%. As a result PAT has grown by 50% YoY. Asset quality continues to be one of the best among peers. We move our valuations to FY21. We retain our BUY rating and increase our TP to Rs250...