Thursday, July 19, 2012

BB&T reports record second-quarter earnings

BB&T reported Thursday that it earned a record $510 million for shareholders in the second quarter, 66 percent higher than the same time period last year.

The Winston-Salem bank's 72 cents per share edged out analysts estimates.

BB&T's mortgage banking income more than doubled, to $182 million, strengthened by the wave of refinancing. Overall, revenue was up 5 percent, which the bank attributed to its acquisition of wholesale insurance brokerage Crump Group Inc.

At the same time, the bank charged off less for bad loans and spent less on foreclosed properties.

"We are excited to report the strongest net income for any quarter in our history," CEO Kelly King said in a statement.


Anonymous said...

Share some of it with the shareholders. Increase the dividend!

g said...

If Peoples Bank of North Carolina's CEO Tony Wolfe decided to sign off on SEC reports stating Federal Reserve Borrowings, did BB&T?

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