PepsiCo Inc. reported yesterday that its third-quarter net income rose 14.4 percent from a year earlier on strong sales in all business segments.

Among other companies posting results yesterday:

* Double-digit growth in its individual banking business helped Citicorp, the nation's largest banking company, increase earnings by 14 percent in the third quarter. Analysts called the results disappointing, however. Separately, J. P. Morgan & Co. Inc. reported a 73.9 percent profits gain, while earnings climbed by 12.3 percent at Security Pacific Corp., by 10.7 percent at Wells Fargo & Co. and by 50 percent at Crocker National Corp.

* Honeywell Inc. reported net income for the third quarter of $55.7 million ($1.24 a share), down from the same period last year.

* Pacific Telesis Group recorded a 16 percent gain in its after-tax income for the third quarter, while another telecommunications concern, GTE Corp., said that its profits edged up 1 percent. Pacific Telesis is one of the regional telephone companies spun off under the 1984 breakup of American Telephone & Telegraph Co.

* Pfizer Inc., a maker of hospital and consumer products, pharmaceuticals and chemicals, announced third-quarter net income of $155.5 million, a 16.1 percent increase over profits for the same period last year, while another drug firm, Upjohn Co., reported that third-quarter net earnings rose 75 percent to $46.9 million ($1.48 a share). A third pharmaceuticals company, American Cyanamid Co., reported a 32 percent decline in third-quarter profits to $34.8 million (72 cents).

PepsiCo's net income for its third quarter, which ended Sept. 7, was $135.3 million ($1.45 a share), a 14.4 percent increase from 1984 third-quarter earnings of $118.3 million ($1.17). Sales for the soft-drink, restaurant and snack food company rose to $2.07 billion from $1.88 billion.

Among reasons for the increased earnings were a reduced tax rate stemming from lower effective foreign tax rates and a smaller number of outstanding shares because of a 4.7-million-share stock repurchase completed in the third quarter, said Donald Kendall, chairman and chief executive officer of PepsiCo, which is based in Purchase, N.Y.

Total bottler case sales for Pepsi-Cola brand soft drinks were 11 percent higher than for the third quarter of 1984. Third-quarter earnings also included profit increases of 3 percent in PepsiCo's Frito-Lay division and a combined 18 percent for its Pizza Hut and Taco Bell restaurants.

Nine-month net income was $454.4 million ($3.34) on sales of $5.63 billion, including profits of $139.3 from discontinued operations. A year earlier, the company earned $122.9 million ($2.65) on sales of $5.25 billion.