BB&T fourth-quarter profits up 88 percent

BB&T's fourth-quarter profits were up 88 percent over the same time period last year, the Winston-Salem bank announced Thursday.

The bank beat analysts' estimates with $391 million net income attributable to shareholders -- 55 cents per share -- compared with $208 million in the fourth quarter last year, the increase driven by strong loan and deposit growth and a decrease in nonperforming assets.

For 2011, the bank earned $1.3 billion attributable to shareholders, up 58 percent from the year before.

"The year 2011 was an outstanding year for BB&T considering the challenges facing the economy and financial services industry," CEO Kelly S. King said in a statement. "We met essentially all of our strategic objectives, and are successfully emerging from the credit cycle."