Citizens Bank and Trust Co. of Maryland, despite what it called "continual revision from regulatory bodies and constantly shifting consumer needs," posted a 47 percent increase in profits for the first nine months of the year.

Net income for the nine months ended Sept. 30 was $9.9 million ($6.13 a share) compared with $6.7 million ($4.16) a year earlier. Assets were $708.1 million and net loans were $392.9 million.

Federal Realty Investment Trust of Chevy Chase reported third quarter net income of $551,000 (28 cents fully diluted) compared with $212,000 (12 cents) for the same quarter last year. Revenues were $3.5 million compared with $3.1 million.

For the nine months ended Sept. 30 its net income was $2.1 million ($1.04) compared with $1 million (65 cents). Revenues were $10.6 million, a 31 percent increase from $8.1 million.

Universal Security Instruments, Inc., of Owings Mills, Md., reported second quarter net income of $269,661 (11 cents) compared with $193,480 (8 cents). Revenues were $5 million, up from $3.4 million. For the six months ended Sept. 30 net income was $537,388 (22 cents) compared with $317,822 (13 cents). Revenues were $9.9 million, up from $6.2 million.

Noland Co. of Newport News reported third quarter net income of $1.3 million (55 cents) compared with $1.8 million (72 cents) a year ago. Revenues were $70.6 million compared with $71.2 million.

For the nine months ended Sept. 30, net income was $3.1 million ($1.26) compared with $2.9 million ($1.19). Revenues were $199.7 million compared with $197.8 million.