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Citigroup’s earnings rise to $4.8b

Citigroup’s earnings rose 74 per cent in the third quarter as more of its customers paid their bills on time, leading to lower losses from loans. An accounting gain also boosted income. It was the seventh straight quarter of income growth for Citi, America’s third-largest bank by assets. The New York bank’s net income rose 74 per cent to US$3.8 billion ($4.8 billion) because of lower losses from loans and an accounting gain related to the valuation of the bank’s own debt. Citi’s stock fell 1.7 per cent to close at US$27.93. Citigroup was one of the biggest recipients of taxpayer support during the financial crisis. It received US$45 billion in…