UPDATE: BB&T Q4 Profit Rises 6.1%

BB&T

reported a 6.1% rise in its fourth-quarter profit. BB&T's quarterly profit surged to $537 million, or $0.75 per share, from a year-ago profit of $506 million, or $0.71 per share. Its revenue dropped 6% to $2.38 billion. BB&T's net interest income dropped 7.7% to $1.4 billion, while noninterest income fell 3.4% to $985 million. However, analysts were expecting earnings of $0.71 per share on revenue of $2.37 billion. BB&T's net interest margin narrowed to 3.56% from 3.84%. BB&T shares gained 1.85% to $39.15 in pre-market trading.