By Michael Calia
BB&T Corp. said its first-quarter profit rose to $501
million from $210 million a year earlier.
It said earnings rose to 69 cents a share from 29 cents a share
a year earlier. A tax-related adjustment cut last year's results by
$281 million.
Analysts surveyed by Thomson Reuters had expected 70 cents a
share in earnings and $2.31 billion in revenue.
The company also said it would recommend raising its quarterly
dividend to 24 cents a share from 23 cents a share.
Regional banks like BB&T depend more on lending than bigger
firms. They have struggled somewhat amid a tepid economic recovery
and lower interest rates. BB&T, however, said in January that
it expected economic improvement to fuel loan growth this year.
"Commercial loan growth was strong, particularly commercial real
estate lending for income producing properties," said Chairman and
Chief Executive Officer Kelly S. King.
Net interest income fell 5.2% to $1.38 billion.
BB&T's allowance for loan-and-lease losses fell to $1.54
billion in the quarter from $1.62 billion in the prior quarter and
$1.84 billion a year earlier.
Write to Michael Calia at michael.calia@wsj.com
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