Citigroup Inc reported higher third-quarter net income on Monday as the bank set aside less money to cover bad loans.

Citigroup, the third-largest U.S. bank by assets, reported net income of $3.8 billion, or $1.23 per share, up from $2.2 billion, or 72 cents per share, a year ago.

(Reporting by Joe Rauch in Charlotte, N.C.; editing by John Wallace)

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