Home BUSINESS Citigroup Profit Jumps 48% After Releasing Rainy-Day Funds

Citigroup Profit Jumps 48% After Releasing Rainy-Day Funds

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Citigroup Profit Jumps 48% After Releasing Rainy-Day Funds

Citigroup Inc. said Thursday its third-quarter profit rose 48%, after the bank released some of the money it had set aside for bad loans early in the pandemic.

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

Source: WSJ


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