BB&T 4Q net income jumps on growing fees, loans
WINSTON-SALEM, N.C. (AP) -- BB&T Corp.'s net income rose in the fourth quarter as the bank made more loans and expanded its deposit base.
The bank said Thursday it had boosted revenue from fees on insurance and mortgage banking and collected more interest on loans. BB&T managed to keep non-interest expenses roughly flat while folding two major acquisitions, Crump Insurance and BankAtlantic, into its business, CEO Kelly King said in a statement.
BB&T's net income in the three months ended Dec. 31 soared 29 percent, to $506 million, or 71 cents per share, from $391 million, or 55 cents per share, in the same period a year earlier.
Net income was higher in part because the bank's borrowing costs fell 21 percent after it repaid about $3.2 billion of outstanding debt in the second and third quarters, BB&T said.
BB&T has 1,779 branch offices in North Carolina, South Carolina, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Alabama, Florida, Texas, Indiana, and Washington, D.C.