BBT BB and T Corporation

   By Allison Prang 
 

BB&T Corp. (BBT) reported an increase in profit in the fourth quarter as the company's net interest margin expanded and expenses fell.

The financial firm reported earnings available to common shareholders of $754 million, up 23% from the comparable quarter a year ago. It said earnings were 97 cents a share, up from 77 cents a share. Analysts polled by Refinitiv were expecting earnings of $1.04 a share.

BB&T reported adjusted earnings of $1.05 a share.

Total taxable-equivalent revenue at BB&T rose 2% to $2.96 billion. Taxable-equivalent net interest income rose 2.8% to $1.73 billion. Noninterest income rose 0.8% to $1.24 billion. Analysts polled by Refinitiv were expecting total revenue of $2.97 billion.

BB&T's taxable-equivalent net interest margin expanded by 2 basis points from the third quarter to 3.49%. It expanded 6 basis points from the comparable quarter a year ago.

BB&T's provision for credit losses was $146 million, up 5.8% from the comparable quarter a year ago. Net charge-offs rose 10% to $143 million.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 17, 2019 06:43 ET (11:43 GMT)

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