BBT BB and T Corporation

BB&T Corp. said profit and revenue rose in its latest quarter as recent acquisition costs diminished.

The Winston-Salem, N.C.-based lender reported earnings of $642 million, up from $533 million a year earlier. Per-share profit grew to 73 cents from 64 cents. Excluding merger costs and other items, earnings per share were 76 cents.

Total revenue, which is a combination of net interest income and fee-based income, grew 13% to $2.77 billion.

Analysts polled by FactSet had forecast adjusted profit of 64 cents a share on $2.49 billion in revenue.

Fee-based income rose 18% to $1.16 billion on increased insurance and mortgage revenue. Net interest income rose 10% to $1.61 billion on securities and loans and leases income.

Expenses rose 7.3%, driven by higher personnel and occupancy and equipment expenses, partially offset by a reduction in merger-related and restructuring charges. In recent quarters the regional bank has made a number of deals including a $1.8 billion purchase of Pennsylvania-based National Penn Bancshares Inc. and its $500 million deal to acquire U.S. wholesale insurance broker Swett & Crawford. Merger costs fell to $43 million from $77 million last year.

Taxable equivalent net interest margin, a key profitability measure, rose to 3.39% from a 3.35% year earlier.

BB&T added to its provision for loan losses, setting aside $148 million for credit losses, up from $103 million a year earlier.

Shares in the company, up 3.5% in the past three months, were inactive in premarket trading.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

October 19, 2016 07:45 ET (11:45 GMT)

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