DCB Bank Ltd. share price target

Margin expansion and strong fee income counter-balanced opex, which
led to ~10% sequential growth in DCB Bank’s Q4 operating profit.

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth

We expect DCB to deliver RoA of 0.9% in FY24-25E and expect improvement to 1% by FY26E.We revise our rating from BUY to HOLD.

Quarterly Update Q3FY24