BB&T Reports Rise in Profit, While SunTrust Posts Decline
April 18 2019 - 7:10AM
Dow Jones News
By Allison Prang
Profit rose slightly at BB&T Corp. but fell at SunTrust
Banks Inc. in the first quarter, as both regional banking firms
recorded merger-related expenses for the quarter ahead of combining
their operations.
BB&T's earnings per share were 97 cents, up from 94 cents a
share. Analysts polled by Refinitiv were expecting earnings of
$1.03 a share.
The company said it had $80 million in merger and
restructuring-related charges in the first quarter. BB&T
reported adjusted earnings, which excludes those charges, of $1.05
a share. Analysts were still expecting $1.03 a share.
SunTrust reported earnings of $1.24 a share, down from $1.29 a
share. Analysts were expecting $1.30 a share. SunTrust said it had
$45 million in merger-related costs, or 9 cents a share.
BB&T and SunTrust announced in February that they would
merge in a stock deal that has been valued at $28.2 billion.
Together, they would become the sixth-largest retail bank in the
country. A large reason for the deal is to be able to scale more
with technology.
BB&T is based in Winston-Salem, N.C., while SunTrust is
based in Atlanta. The combined company would be based in Charlotte,
N.C.
Total taxable-equivalent revenue at BB&T rose 3% to $2.92
billion, slightly less than analysts anticipated.
At SunTrust, fully taxable equivalent revenue rose 4.2% to $2.35
billion, which beat estimates from analysts.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 18, 2019 06:55 ET (10:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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