BB&T Tops Expectations On Revenue Growth

By Michael Calia and Chelsey Dulaney 

BB&T Corp. posted a better-than-expected 3.7% increase in earnings in its fourth quarter as the bank benefited from cost controls and strong performance in its mortgage banking business.

For the most recent period, the bank posted earnings of $557 million, or 76 cents a share, up from $537 million, or 75 cents a share, a year ago.

Revenue at the Winston-Salem, N.C.-based bank edged down slightly to $2.38 billion.

Analysts polled by Thomson Reuters had recently projected per-share earnings of 73 cents and revenue of $2.33 billion.

Mortgage banking income grew 28% to $128 million, as insurance income grew 10.2% to $409 million.

BB&T said its noninterest expenses fell 3.1% to $1.41 billion as professional services and regulatory charges fell.

BB&T, seeking to expand its presence in the mid-Atlantic region, agreed in November to buy Pennsylvania-based Susquehanna Bancshares Inc. for about $2.5 billion in cash and stock. The deal would open up new markets for BB&T in Pennsylvania and southern New Jersey.

Write to Michael Calia at [e-mail] and Chelsey Dulaney at [e-mail]

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Access Investor Kit for Susquehanna Bancshares, Inc.

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