Citigroup Inc's second-quarter profit rose 24 percent to $3.3 billion as the bank lost less money on bad loans.

The third-largest U.S. bank by assets said on Friday it earned $1.09 per share. That compared with a year-earlier profit of $2.7 billion, or 90 cents per share, adjusted to account for a reverse stock split this year.

(Reporting by Maria Aspan; editing by John Wallace)

(This article has been modified to correct Citigroup's rise in profit is 24 percent from 22 percent in the first paragraph)