Magazine article American Banker

BB&T's Earnings Rise on Mortgage Income, Increased Lending

Magazine article American Banker

BB&T's Earnings Rise on Mortgage Income, Increased Lending

Article excerpt

Byline: Paul Davis

BB&T (BBT) in Winston-Salem, N.C., posted an increase in quarterly earnings on higher mortgage fees and loan growth.

The $183 billion-asset company's earnings rose 8% from the third quarter and 27% from a year earlier, to $506 million, or 71 cents a share. "We achieved record net income for the year and accomplished most of our strategic initiatives," Kelly King, the company's chairman and chief executive, said in a press release Thursday.

Net interest income increased 2% from the third quarter and 4% from a year earlier, to $1.5 billion. Total loans rose 4% from the third quarter and 6% from a year earlier, to $118 billion. BB&T posted loan growth in most sectors.Deposits increased 2% from the third quarter and nearly 7% from a year earlier, to $133 billion. The net interest margin shrank 10 basis points from the third quarter, to 3.84%.

BB&T's loan-loss provision increased 5% from the third quarter, though it fell 6% from a year earlier, to $256 million. …

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