BB&T says 4Q net income rises 6 percent

BB&T says 4th-quarter net income rises on business sale and better community banking results

Associated Press

NEW YORK (AP) -- NEWS: Regional banking company BB&T said Thursday its net income rose 6 percent in the fourth quarter after it sold a consumer lending business.

DETAILS: The Winston-Salem, N.C., company said credit measurements were strong during the fourth quarter. It said average loans grew slightly and demand improved in late November and December. BB&T said credit trends improved in commercial and direct retail loans, leading to greater income for its community banking business.

NUMBERS: BB&T said its net income rose to $537 million, or 75 cents per share, from $506 million, or 71 cents per share. Revenue fell 6 percent, to $2.38 billion from $2.53 billion.

The results include a $19 million gain from the sale of the consumer lending unit.

FactSet says analysts expected earnings of 79 cents per share and $2.43 billion in total revenue.

FUTURE: The company said noninterest costs fell during the fourth quarter, and it expects those costs to decline further throughout 2014.

STOCK: BB&T Corp. shares fell 50 cents, or 1.3 percent, to $38.28 in morning trading.

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