BB&T Corp. (BBT) Tops Q3 EPS by 5c

BB&T Corp. (NYSE: BBT) reported Q3 EPS of $0.76, $0.05 better than the analyst estimate of $0.71. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.78 billion.

"We are pleased to report record earnings for the third quarter," said Chairman and Chief Executive Officer Kelly S. King. "We achieved strong revenue growth and excellent expense control by capitalizing on our recent acquisitions.

"Taxable-equivalent revenues were $2.8 billion, up $325 million compared to the third quarter of 2015," said King. "For comparison, noninterest expense increased $117 million over the same period, highlighting the strong leverage we achieved with our acquisitions.

"We also completed several strategic actions during the quarter," said King. "We terminated our loss sharing agreements with the FDIC, settled certain matters related to FHA-insured mortgage loans, made a $50 million charitable contribution and completed $160 million of share repurchases. While these actions did not have a significant net impact on our quarterly results, they will reduce ongoing costs and complexity and position us to provide greater returns for our shareholders."

For earnings history and earnings-related data on BB&T Corp. (BBT) click here.

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