UPDATE: BB&T Q1 Earnings Down 44%

BB&T

reported a 44% drop in its first-quarter earnings. BB&T's quarterly profit fell to $240 million, or $0.29 per share, from $431 million, or $0.61 per share, in the year-ago period. Excluding one-time items, it earned $0.69 per share. Its total revenue climbed 5% to $2.42 billion. However, analysts were expecting a profit of $0.68 per share on revenue of $2.46 billion. BB&T shares closed at $30.02 yesterday.