DCB Bank's net advances growth moderated further to 12% vs 13% sequentially. NII grew by 11% YoY while PAT grew by 24% YoY led by higher other income (up 38% YoY). Loan growth ex-corporate segment is ~16% (19% in Q1FY20) vs. overall growth of 12%. Cost-to-income ratio on a QoQ basis has declined by 195bps on account of stable Opex sequentially. Fresh slippages continue to remain high at 1.6bn up 10% QoQ led by Mortgages/SME and CV portfolio. We maintain ACCUMULATE rating with a new TP of...