Citigroup reports higher net income 17 Oct 11

A Citibank sign on a bank branch in midtown Manhattan, November 17, 2010

(Reuters) – 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.