BB&T Reports Lower Earnings
October 17 2019 - 6:34AM
Dow Jones News
By Patrick Thomas
BB&T Corp. (BBT) said its net income fell in its latest
quarter, but the bank's top line rose as a result of higher net
interest income and noninterest income.
The Winston-Salem, N.C. bank reported a third-quarter profit of
$735 million, or 95 cents a share, compared with $789 million, or
$1.01 a share, a year ago.
Adjusted earnings, omitting items from the company's merger with
SunTrust Banks Inc. and other one-time charges, were $1.07 a share.
Analysts polled by FactSet were expecting earnings of $1.03 a
share, or $1.06 a share on an adjusted basis.
Total revenue increased to $3.03 billion from $2.93 billion a
year earlier. Analysts had expected $2.99 billion in revenue.
Net interest income was $1.72 billion, up slightly from $1.71
billion a year earlier. Analysts expected $1.69 billion, according
to FactSet.
Noninterest income was up about 5% to $1.30 billion, in line
with what analysts had expected.
"While average loans held for investment decreased 4.8%, this
result was due to our strategic decision to sell approximately $4
billion in mortgage loans during the quarter," Chief Executive
Kelly King said in a statement. "Excluding this sale, our company
generated robust loan growth of 6.5% on an annualized basis
compared with last quarter."
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
October 17, 2019 06:19 ET (10:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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