DCB Bank’s (DCBB) net earnings (Rs 470mn, flat YoY) were in line, driven by sequentially stable NIM (4.05%, +24bps YoY), healthy loan growth (+28%) and SA accretion (+21%). Earnings did meet estimates, but mortgage and agri NPAs were a minor letdown. Aggressive expansion (45 new branches, 69 ATMs over the past three quarters) drove up opex (C-I +300bps QoQ). We believe DCBB’s aggressive expansion and the expected NIM decline will continue to hit near-term earnings. HDFC Securities Maintain BUY. Revise TP to Rs 115 (1.6x Mar-18E ABV of Rs 71).Trendlyne has 9 reports on DCBBANK updated in the last year from 5 brokers with an average target of Rs 104.4. Brokers have a rating for DCBBANK with 1 price downgrade,1 price upgrade in past 6 months and 1 downgrades,2 price downgrades and 1 upgrades in past 1 Year.