DCB Bank reported 11.6% qoq increase in PAT at Rs412mn, driven by higher operating income along with lower provision expenses. Overall, business growth improved during 3Q as credit grew 23.7% yoy / 5% qoq and deposits moved up 21.5% yoy and 3.9% qoq. NIM increased to 3.96% in 3Q v/s 3.79% in 2QFY16 due to decline in CoF. Strong business growth along with healthy NIM resulted into 31.6% yoy and 7% qoq growth in NII to Rs1.6bn. The bank has now toned down its growth strategy and thus will have relatively lower impact on return ratios. We remain cautious on DCB's operational performance due to change in business...