Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%. We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E