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 michael.calia@wsj.com and Chelsey
Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for BB&T Corp.
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Access Investor Kit for Susquehanna Bancshares, Inc.
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http://www.companyspotlight.com/partner?cp_code=P479&isin=US8690991018
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