Citigroup net profit jump 74% to $3.8 bn

Citigroup on Monday said its net profit in the third quarter rose to $3.8 billion, boosted by lower losses from loans.

That's up from income of $2.2 billion during the same quarter last year.

Net income was $1.23 per share, on revenue of $20.86 billion.

The New Yorki-based bank said losses from bad loans fell 41 per cent during the quarter to $4.5 billion as defaults fell from its credit card loans.

Shares of Citi were up in pre-opening trading on Monday.