BB&T net income up for quarter

Posted: January 18, 2013

Star staff report

BB&T Corp. (NYSE: BBT) on Thursday reported fourth-quarter 2012 net income available to common shareholders of $506 million, an increase of 29 percent compared to the $391 million reported in the fourth quarter of 2011.

Earnings per diluted common share totaled 71 cents, a 29 percent increase compared to the 55 cents earned in the fourth quarter of 2011.

The return on average assets increased to 1.2 percent in the quarter, compared to 0.93 percent in the fourth quarter of 2011. The return on average common shareholders’ equity was 10.5 percent, up from 8.8 percent for the same quarter last year.

For 2012, BB&T reported record net income available to common shareholders of $1.9 billion, an increase of 49 percent compared to $1.3 billion in 2011. For 2012, earnings per diluted common share totaled $2.70, compared with $1.83 per diluted common share earned in 2011 — an increase of 48 percent.

Kelly S. King, BB&T’s chairman and CEO, called 2012 “an outstanding year for BB&T.”

4Q 2012 highlights

Average total loans and leases held for investment increased 3 percent on an annualized basis compared to the third quarter of 2012.

Total revenues for the fourth quarter were $2.5 billion, up 8 percent on an annualized linked quarter basis.

Average deposits increased $3.1 billion, or 9.5 percent, on an annualized linked quarter basis.

Headquartered in Winston-Salem, N.C., BB&T is one of the largest financial services holding companies in the U.S. The company operates about 1,830 financial centers in 12 states and Washington, D.C. BB&T has several locations in the Winchester area.