The US' two largest banks posted mixed third- quarter results Thursday, with Citigroup Inc reporting a loss in net income but a rise in its core business profits, while Bank of America Corp's profits soared 41 per cent, reported the dpa. Citigroup - the world's largest financial services firm according to market value - said net income dropped 23 per cent to 5.5 billion, after the sale of its insurance unit last year had raised 2005's third-quarter earnings to a record 7.1 billion. Profits from continuing operations - which excludes gains from asset sales - increased six per cent on a year earlier to 5.3 billion, while revenue at the New York-based bank was roughly even for the quarter at 21.4 billion dollars. Bank of America's third-quarter earnings rose to a record 5.42 billion dollars, up from 3.84 billion dollars a year earlier, helped by the sale of its Brazilian unit and the acquisition of MBNA Corp. Revenue at the Charlotte, North Carolina-based bank increased 32 per cent to 19 billion dollars.
