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Share Name | Share Symbol | Market | Type |
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BB and T Corporation | NYSE:BBT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 54.24 | 0 | 01:00:00 |
WINSTON-SALEM, N.C., Jan. 18, 2018 /CNW/ -- BB&T Corporation (NYSE: BBT) today reported strong earnings for the fourth quarter of 2017. Net income available to common shareholders was $614 million. Earnings per diluted common share were $0.77 for the fourth quarter of 2017, up 16.1 percent annualized from $0.74 last quarter.
Excluding pre-tax merger-related and restructuring charges of $22 million ($14 million after-tax) and adjustments related to tax reform that resulted in a net after-tax expense of $43 million, net income available to common shareholders was a record $671 million, or $0.84 per diluted share, up 30.5 percent annualized from $0.78 last quarter.
Net income available to common shareholders was $597 million ($0.74 per diluted share) for the third quarter of 2017 and $592 million ($0.72 per diluted share) for the fourth quarter of 2016.
For the full year, net income available to common shareholders was $2.2 billion, or $2.74 per diluted share. For 2016, net income available to common shareholders was $2.3 billion, or $2.77 per diluted share. Excluding merger-related and restructuring charges and selected items, adjusted diluted earnings per share was $3.14 for 2017, up 9.4 percent compared to $2.87 for 2016.
"We had a very strong fourth quarter with record revenues and good expense control," said Chairman and Chief Executive Officer Kelly S. King. "Taxable-equivalent revenues were $2.9 billion, up 7.4 percent annualized compared to last quarter. We expect to have strong revenue growth in 2018.
"Total expenses for the quarter were $1.9 billion and our GAAP efficiency was 64.7 percent, primarily due to expenses incurred in connection with the passage of tax reform," King said. "Our adjusted efficiency ratio of 57.2 percent reflects significant progress in our optimization efforts.
"While average total loans were essentially flat compared with last quarter, core loans increased an annualized 3.9 percent, which excludes prime auto, residential mortgage and PCI loans that decreased as planned," said King. "Our credit quality is very strong, as nonperforming assets improved and loans 90 days or more past due and net charge-offs were relatively stable at very low levels."
Fourth Quarter 2017 Performance Highlights
Earnings Presentation and Quarterly Performance Summary
To listen to BB&T's live fourth quarter 2017 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 885781. A presentation will be used during the earnings conference call and is available on our website at https://bbt.investorroom.com/webcasts-and-presentations. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 4313363).
The presentation, including an appendix reconciling non-GAAP disclosures, is available at https://bbt.investorroom.com/webcasts-and-presentations. BB&T's Fourth Quarter 2017 Quarterly Performance Summary, which contains detailed financial schedules, is available on BB&T's website at https://bbt.investorroom.com/quarterly-earnings.
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $221.6 billion in assets and market capitalization of $38.9 billion as of December 31, 2017. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates over 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
Capital ratios are preliminary.
This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). BB&T's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. BB&T's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:
A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in BB&T's Fourth Quarter 2017 Quarterly Performance Summary, which is available at BBT.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of BB&T. Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding BB&T's business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances difficult to predict. BB&T's actual results may differ materially from those contemplated by the forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "could" and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. While there is no assurance any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2016 and in any of BB&T's subsequent filings with the Securities and Exchange Commission:
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed in or implied by any forward-looking statement. Except to the extent required by applicable law or regulation, BB&T undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE BB&T Corporation
Copyright 2018 Canada NewsWire
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