Bloomberg News

BB&T Profit Rises 7% on Insurance Growth and Fewer Bad Loans

July 18, 2013

BB&T Corp. (BBT:US), North Carolina’s second-biggest bank, posted a 7 percent increase in second-quarter profit on improved performance at its insurance and securities units and lower bad-loan charges.

Net income rose to $547 million, or 77 cents a share, from $510 million, or 72 cents, a year earlier, the Winston-Salem-based bank said today in a statement. The average estimate (BBT:US) of 32 analysts surveyed by Bloomberg was 74 cents a share.

“These results reflect record performances from our insurance, investment-banking and brokerage, and trust and investment-advisory businesses,” Chief Executive Officer Kelly King, 64, said in the statement. “Improvement in credit quality accelerated this quarter.”

BB&T’s credit rating outlook was cut to negative from stable by Standard & Poor’s and Moody’s Investors Service in March after the Federal Reserve objected to the lender’s capital plan. The bank’s shares have gained 20 percent this year, compared with a 26 percent advance by the 24-company KBW Bank Index. (BKX)

To contact the reporter on this story: Erika Waddell in New York at ewaddell1@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net.


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • BBT
    (BB&T Corp)
    • $39.6 USD
    • -0.07
    • -0.18%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus