BB&T Corp. (BBT) reported an uptick in profit in its fourth-quarter earnings as noninterest income growth slightly outpaced its increase in net interest income.
Net income rose 3.5% to $658 million, or 77 cents a share, compared with $636 million, or 72 cents a share, in the same quarter a year before.
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On an adjusted basis, the bank earned 84 cents a share, up from 73 cents a share a year earlier. Analysts polled by Thomson Reuters expected adjusted earnings per share of 79 cents.
Total taxable-equivalent revenue rose 5% to $2.91 billion. Net interest income increased by 4.7% to $1.68 billion, and the company's net interest margin expanded by 11 basis points to 3.43%. Noninterest income rose 5.4% to $1.23 billion, helped by higher fee income from bank-card fees and merchant discounts and income from bank-owned life insurance.
Noninterest expenses rose 11% to $1.86 billion, partly as a result of an increase in merger-related and restructuring charges.
Total average loans and leases held for investment were $142.66 billion.
Shares rose 0.8% in premarket trading.
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(END) Dow Jones Newswires
January 18, 2018 08:02 ET (13:02 GMT)