Oct 14 (Reuters) - Bank of America Corp reported a jump in third-quarter profit on Thursday as it released some of its reserves for bad loans, while logging growth in its consumer banking division. Net income applicable to common shareholders rose to $7.26 billion, or 85 cents per share, for the quarter ended Sept. 30 from $4.44 billion, or 51 cents per share, a year earlier. Analysts on average had expected a profit of 71 cents per share, according to the IBES estimate from Refinitiv. Reporting by Niket Nishant in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Anil D’Silva Our Standards: The Thomson Reuters Trust Principles.