BB&T's Better Than Expected

The company's fourth-quarter earnings are 2 cents ahead of estimates.
Author:
Publish date:

BB&T

(BBT) - Get Report

reported that its fourth-quarter net income rose 3% from a year ago, but the bank holding company said rising interest rates and unusually high growth in noninterest expenses kept it from earning as much as it wanted.

The Winston-Salem, N.C., company earned $429.6 million, or 78 cents a share, in the quarter, compared with $416.9 million, or 75 cents a share, in the year-ago period.

Cash-basis operating results, which exclude certain items, totaled $448.9 million and 82 cents a share in the fourth quarter. By that measure, analysts surveyed by Thomson First Call were expecting BB&T to earn 80 cents a share.

"Although bottom-line results for the fourth quarter of 2005 were less than we had hoped, I am pleased that we produced solid earnings for the full year and accomplished many of our strategic objectives," said Chairman and Chief Executive John A. Allison. "Our results for 2005 mark the 24th consecutive year that BB&T has achieved record operating earnings. We experienced healthy revenue growth in our noninterest income generating businesses, improved our already excellent asset quality, and enjoyed one of our strongest years in terms of combined loan and deposit growth."

As of Dec. 31, BB&T had $109.2 billion in assets and operated more than 1,400 banking offices, mainly in the Southeast.