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Citigroup up 74pc

CITIGROUP has reported higher third-quarter net profits as the bank set aside less money to cover bad loans.

Citigroup, the third-largest US bank by assets, reported net profit of $3.8bn (€2.75bn), or $1.23 (€0.89) per share, up 74pc from $2.2bn (€1.59bn) a year earlier.

The latest results included a pre-tax gain of $1.9bn (€1.38bn).