To add to the problems faced by banks due to the repo rate and CRR hike by the RBI, IndusInd Bank Ltd said that its net profit for the fourth quarter ended March 2008 reduced as compared to last year. The Q4 profit of the bank fell from Rs 21.40 crore for the corresponding period last year to Rs 14.45 crore, a fall of 32.5 per cent.

However, the total income of the bank increased. The bank said in a statement that its total income for Q4 fiscal year 2008 (FY08) increased 22.3 per cent to Rs 591.04 crore from Rs 483.34 crore during Q4 FY07.

The net profit of the bank continued to increase. It went up by 10 percent as compared to last fiscal. It stands at Rs 75.05 crore on March 2008, whereas it was Rs 68.22 crore at the same point in time last year.

Also, the bank’s FY08 total income is equal to Rs 2,178.24 crore, as against Rs 1,744.39 crore in the last fiscal, a growth of 24.87 per cent.

IndusInd Bank had come into existence in 1994 as an outcome of the vision of Mr. Srichand P. Hinduja, the head of the Hinduja Group. Today the bank has a network of 115 branches, 9 extension counters and 195 ATMs, spread over 95 geographical locations.