AMBAC Inc. yesterday announced net income of $50.9 million, or $1.44 per share, for the third quarter, an increase of 52% from the $33.5 million, or 95 cents per share, the bond insurer earned in last year's third quarter.

For the first nine months of 1993, AMBAC said profits were $140.8 million, or $3.99 per share, an increase of 47% from the $95.8 million or $2.73 per share earned in 1992.

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