BB&T Reports Lower Earnings

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."

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(END) Dow Jones Newswires

October 17, 2019 06:19 ET (10:19 GMT)

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