DCB Bank (DBL) reported 2QFY20 results with the key pointers being: (1) Loan growth continued to be weak at 12% YoY with de-growth in corporate loans and tepid growth in a variety of small-ticket loans (2) While NIM was stable QoQ at 3.67%, the absolute level is on the lower side (3) Core fee income grew slowly at 3% YoY. Opex control, however, was relatively better with total opex rising 10% YoY (4) Fresh slippages, at Rs 1.61bn, were elevated compared with FY19 quarterly average of Rs 1.04bn but is still not, relatively, a major concern. (See detailed conference call takeaways on page 2 for significant incremental colour). Per se, on the key P&L items, DBL posted NII growth of 11% YoY at Rs3,134mn, PPOP growth of 26% YoY at Rs1,845mn and PAT growth of 25% YoY at Rs914mn. We have revised our estimates for FY20/FY21/FY22 and retained Accumulate rating (neutral stance) on DBL, revising our target price to Rs187 (from Rs205 earlier) and valuing the stock at 1.3x H1FY22E P/BV.