Economic recovery in Mexico has so far yielded a mixed profitability bag among U.S. banking companies doing business there, with Citigroup showing by far the best results.

The latest data available from the Mexican National Banking and Securities Commission, covering the first nine months of 1999, show that Citigroup Inc., Chase Manhattan Corp., and J.P. Morgan & Co. all made sharp improvements in earnings. Citigroup, the top-performing U.S. bank in Mexico, reported about $7 billion of assets and $153 million of net income.

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