BB&T's Profit Climbs -- 2nd Update
July 18 2019 - 7:16AM
Dow Jones News
By Allison Prang
BB&T Corp.'s (BBT) net income climbed as its top line rose
as a result of higher net interest income and noninterest
income.
The company reported a profit of $884 million, up 7.2% from the
comparable quarter a year earlier. BB&T said earnings were
$1.09 a share, up from 99 cents a share. Analysts polled by FactSet
were expecting earnings of $1.07 a share.
Adjusted earnings, omitting items from the company's merger with
SunTrust Banks Inc., were $1.12 a share.
Total taxable-equivalent revenue rose 5.7% to $3.07 billion.
With the taxable-equivalent adjustment, revenue rose 5.7% to $3.04
billion. Noninterest income and net interest income increased.
The company's provision for credit losses was $172 million, up
27% year over year. The provision rose from $155 million in the
first quarter, but the company said the higher provision was mostly
from loan growth.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 18, 2019 07:01 ET (11:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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