Private sector lender South Indian Bank reported a 197.19% rise in net profit to Rs 305.36 core for the fiscal third quarter ended December compared to Rs 102.75 crore in the same period a year ago.

The Thrissur-headquartered bank’s gross non-performing asset (NPA) fell to 4.74% in the December quarter from 5.48% in the same quarter last year. 

Net NPA improved to 1.61% from 2.26% during the same period.

"The rise in profits is an outcome of the efforts of the last two-three years," said South Indian Bank managing director and CEO P R Seshadri. "During this period, the bank registered growth in all the desired segments with a focus on quality asset across all verticals --- corporate, SME, auto loan, credit card, personal loan and gold loan."

The bank's personal loan book grew to Rs 2,186 crore, up 36% from Rs 1,609 crore a year ago. Gold loans grew to Rs 15,369 crore, up 18% from Rs 13,053 crore.

The bank's cost of deposits rose from 4.27% to 5.18%, while yields on advances rose from 8.84% to 9.28%, Seshadri said.