CHARLOTTE, N.C. — Banking conglomerate Citigroup said its fourth quarter profits fell by 7%, but saw improvement from the worst days of the pandemic shutdowns.

The New York-based bank said it earned a profit of $4.63 billion, down from a profit of $4.97 billion in the same period a year earlier.

Citi was able to “release” roughly $1.5 billion in loan-loss reserves in the quarter, which reflected the bank’s economic outlook and the fact the economy is better than where it was in March and April during the worst of the economic shutdowns. The amount set aside for potentially bad loans remains elevated, however, at $25 billion, about double what it was at the end of 2019.