BB&T Reports Q4 EPS $0.55 vs $0.53 Est; Revenues $2.41B vs $2.19B Est

BB&T Corporation BBT today reported fourth quarter net income available to common shareholders of $391 million, an increase of 88% compared to $208 million reported in the fourth quarter 2010. Earnings per diluted common share totaled $0.55, an increase of 83%, compared to $0.30 earned in the fourth quarter last year. For 2011, net income available to common shareholders was $1.3 billion, or $1.83 per diluted common share, compared with $816 million, or $1.16 per diluted common share, earned in 2010. This reflects an increase of 58% for both net income available for common shareholders and earnings per share. "The year 2011 was an outstanding year for BB&T considering the challenges facing the economy and financial services industry," said Chairman and Chief Executive Officer Kelly S. King. "We met essentially all of our strategic objectives, and are successfully emerging from the credit cycle. We are also very pleased to report a strong performance for the fourth quarter and the full year. Our fourth quarter net income available to common shareholders of $391 million reflects our strongest quarterly earnings since mid 2008. The increase was driven by improved revenues, accelerating loan growth and much improved credit quality. Adjusted revenues totaled $2.3 billion this quarter, up an annualized 12% compared to last quarter.