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BB&T reports record year-end profit

Staff Report
Published Jan. 17, 2013

BB&T Corp., one of the largest banks operating in South Carolina, said today that year-end income for common shareholders was up 49% at $1.9 billion, or $2.70 per diluted share, compared to $1.83 per share a year ago.

Fourth quarter earnings increased 29% to $506 million, the North Carolina-based bank said. The return on average assets increased to 1.20% in the quarter compared with 0.93% in the fourth quarter last year.

"2012 was an outstanding year for BB&T," Chairman and CEO Kelly S. King said in a news release. "We achieved record net income for the year and accomplished most of our strategic initiatives.”

BB&T is the third largest bank by deposits in South Carolina, with $6.9 billion in deposits here, according to figures from the Federal Deposit Insurance Corp.

Noninterest income grew 23% for the year, led by record performances in mortgage banking, insurance and investment banking and brokerage, King said.

“Our performance benefited from strong improvement in credit costs and more than 6% growth in net interest income,” he said. “Net interest margin remained strong at 3.84% for the quarter.”

Additionally, King said nonperforming assets dropped 11% from the previous quarter and foreclosed real estate is at its lowest level in five years. Net charge-offs, excluding covered loans, were 1.04%, the lowest level in four years, King said.

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