ICICI Bank, India's biggest private sector lender, posted its slowest quarterly growth in four years as asset quality worsened and funds set aside for bad loans and contingencies almost doubled from a year earlier.
The 12 percent growth in profit was aided by higher loan growth. The lender has said it is betting on increased loan demand in smaller cities to boost growth in a slowing economy.
Wipro today announced earnings in line with expectations and projected a better than expected outlook for the fourth quarter, signalling the company may be back on track after a few troubled quarters.
India's largest cigarette maker, ITC posted a 16 percent jump in quarterly net profit at Rs 2,385 crore against expectations of Rs 2,360 crore, led by a huge rise in other income. ITC, India's third most valuable company, had reported a net profit of Rs 2050 crore in the same period last year.