Indusind Bank has announced a phenomenal growth in its standalone net profit for the three month period ended December 31, 2008.

During the third quarter, the bank has recorded growth of 79.95% in its net profit to Rs 450.60 million, as compared to Rs 250.40 million during the corresponding period of the previous year (Dec 2007).

The bank’s interest income grew 25.10% to Rs 6,274.80 million, whereas total income for the same period zoomed 34.34% to Rs 7,605.50 million, when compared with the prior year period.

The non interest income of bank rose 79% to Rs 133.07 cr as against a 27.58% rise in interest income to Rs 627.48 cr.

The bank’s net non performing assets and gross NPAs fell 1.30% and 1.82% respectively.

The bank saw a growth of 62.82% in its earning per share (EPS) to Rs 1.27 a share during the quarter over previous year period.

Established in 1994, Indusind Bank provides commercial, transactional and electronic banking products and services. Internationally, the bank has a representative office each in Dubai and London. The bank also enjoys strategic coalitions with Union National Bank, Abu Dhabi in the UAE and Doha Bank in Qatar.

Shares of the bank, today (January 15), closed at Rs 37.65, down 1.7%, on the Bombay Stock Exchange (BSE). The total volume of shares traded stood at 408,757.