UPDATE: BB&T Posts Upbeat Q4 Earnings

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BB&T Corp.BBT
reported better-than-expected earnings for the fourth quarter. Net income available to common shareholders surged to $557 million, or $0.76 per share, compared to $537 million, or $0.75 per share, in the year-ago period. Its revenue came in mostly flat at $2.38 billion in the quarter. However, analysts were expecting earnings of $0.73 per share on revenue of $2.33 billion. Net interest margin shrank 20 basis points to 3.36%. Noninterest expense declined $45 million to $1.4 billion for the fourth quarter. For the year, BB&T posted profit of $2.15 billion, on revenue of $9.16 billion. "We are pleased to report record net income for the fourth quarter and full year 2014," said Chairman and Chief Executive Officer Kelly S. King. "These results were driven by very good expense control and strong performances from our mortgage banking, insurance and investment banking and brokerage businesses, which drove noninterest income to exceed $1 billion for the quarter. BB&T shares fell 0.34% to close at $35.64 yesterday.
Posted In: EarningsNewsprofit
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