BB&T Profit Nearly Doubles
April 19 2018 - 7:09AM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
BB and T (NYSE:BBT)
Historical Stock Chart
From Aug 2024 to Sep 2024
BB and T (NYSE:BBT)
Historical Stock Chart
From Sep 2023 to Sep 2024