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Citigroup profits jump 48% after freeing up funds for rainy days

Citigroup Inc. said Thursday its third-quarter profit rose 48%, after the bank freed up some of the money it set aside for bad debts at the start of the pandemic.

The bank reported earnings of $ 4.64 billion, or $ 2.15 per share, from $ 3.15 billion, or $ 1.36 per share, a year earlier. That beat the $ 1.71 per share that analysts were expecting, according to FactSet.