Citigroup third-quarter earnings rose 68% from a year earlier, lifted by an accounting adjustment and continued strength in the bank's international operations.

Citi booked a $1.9bn gain tied to the valuation of its own debt, and continued improvement in losses from soured loans allowed the bank to reduce its loan loss reserve by $1.4bn. Still, Citi's $3.74bn profit managed to beat analyst expectations even without the accounting gain.