UPDATE: BB&T Q3 Profit Drops 43%

BB&T

reported a 43% drop in its third-quarter earnings. BB&T's quarterly profit declined to $268 million, or $0.37 per share, from $469 million, or $0.66 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.70 per share. Its revenue fell 5% to $2.36 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $2.4 billion. BB&T shares closed at $34.22 yesterday.