RF Regions Financial Corporation

   By Oliver Griffin 
 

BB&T Corp. (BBT) on Thursday said profit nearly doubled amid expense control and lower tax expense.

The Winston-Salem, N.C.,-based regional bank said it earned $745 million, 94 cents a share, for the quarter compared with net income of $378 million, or 46 cents a share, for the same period last year.

Excluding merger and restructuring charges, BB&T reported a profit of 97 cents a share for the quarter. Analysts had expected a profit of 92 cents a share, according to FactSet.

Revenue rose 1% to $2.81 billion, the company said. Analysts had expected $2.85 billion, according to FactSet.

Chief Executive Kelly King said the bank reduced its expenses by $169 million during the quarter.

"Our returns on average assets and average common shareholders' equity were the highest they have been since before the credit crisis," Mr. King said.

Taxable equivalent net interest margin, a key profitability measure, fell to 3.44% from 3.46% the same period last year.

BB&T set aside $150 million for credit losses in the quarter, compared with $138 million the prior quarter.

The bank has made a number of deals recently, including a $1.8 billion purchase of Pennsylvania-based National Penn Bancshares Inc. and a $500 million deal to acquire U.S. wholesale insurance broker Swett & Crawford. Earlier in April, the bank said it would acquire Regions Financial Corp.'s (RF) insurance group.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

April 19, 2018 06:54 ET (10:54 GMT)

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