Business News: BB&T reports record earnings of $842 million, or $1.09 per diluted share

WINSTON-SALEM, NC (STL.News) – BB&T Corporation (NYSE: BBT) today reported record earnings for the second quarter of 2019.  Net income available to common shareholders was $842 million, up 8.6 percent, compared with the second quarter last year.  Earnings per diluted common share were $1.09 for the second quarter of 2019, an increase of 10.1 percent compared with the same period last year.  Results for the second quarter produced an annualized return on average assets of 1.55 percent and an annualized return on average common shareholders’ equity of 11.98 percent.

Excluding merger-related and restructuring charges of $23 million ($19 million after-tax) and incremental operating expenses related to the merger of $9 million ($7 million after-tax), net income available to common shareholders was a record $868 million, or $1.12 per diluted share.  Adjusted diluted earnings per common share increased $0.07 compared to the first quarter of 2019.  Adjusted annualized return on average assets and annualized return on average tangible common shareholders’ equity were 1.59 percent and 20.00 percent, respectively.

“We are very pleased to report strong overall results for the second quarter, with record earnings of $842 million, or $1.09 per diluted common share,” said Chairman and Chief Executive Officer Kelly S. King.  “These results were driven by strong loan growth, improved revenues led by record insurance income and a strong performance in investment banking and brokerage fees and commissions, as well as continued healthy asset quality.

“This has been an exciting quarter as we made significant progress building our new company, Truist, with our SunTrust partners,” said King.  “One day Truist will be a name that reflects the rich heritage of both companies and is synonymous with our goal to provide a better future for our clients, communities and associates, which will drive strong performance for our shareholders.”

“This quarter, both BB&T and SunTrust made significant new commitments to the communities in which we are headquartered, including the $60 billion community benefit plan with the National Community Reinvestment Coalition that was announced earlier this week,” King said.  “Looking to the future, we also named a location in Charlotte for the Truist headquarters and named the next layer of talent for the combined company.”

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