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BB&T posts higher Q4 profit YOY

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BB&T posts higher Q4 profit YOY

Winston-Salem, N.C.-based BB&T Corp. on Jan. 17 reported net income applicable to common shares of $754.0 million, or 97 cents per share, up from net income of $614.0 million, or 77 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter was $1.04.

Excluding merger-related and restructuring charges of $76 million, net income available to common shareholders was $813 million, or $1.05 per share.

Average loans and leases for the quarter grew 3% year over year to $148.46 billion, while average deposits were relatively flat to $157.84 billion.

Year over year, net income of the company's community banking retail and consumer finance grew to $384 million from $264 million; net income of the community banking commercial segment was up to $329 million from $234 million; net income of the financial services and commercial finance segment grew to $155 million from $136 million; and net income from the insurance holdings segment increased to $77 million from $33 million.

For full year 2018, the company reported net income available to common shareholders of $3.06 billion, or $3.91 per share, compared to net income of $2.22 billion, or $2.74 per share, in the previous year. Excluding merger-related and restructuring charges and selected items, adjusted EPS was $4.05 for 2018, compared to $3.14 for 2017.