BB&T Corp (BBT) has reported an 18 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $636 million, or $0.72 a share in the quarter, compared with $539 million, or $0.64 a share for the same period last year.
Revenue during the quarter grew 8.70 percent to $2,598 million from $2,390 million in the previous year period. Net interest income for the quarter rose 4.06 percent over the prior year period to $1,565 million. Non-interest income for the quarter rose 14.48 percent over the last year period to $1,162 million.
Net interest margin contracted 3 basis points to 3.32 percent in the quarter from 3.35 percent in the last year period. Efficiency ratio for the quarter improved to 61.10 percent from 63.40 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to report strong earnings for the fourth quarter," said chairman and chief executive officer Kelly S. King. "While higher interest rates created $34 million in pre-tax charges, revenue growth was strong, expense control was solid and we are well-positioned for future interest rate increases."
Assets outpace liabilities growth
Total assets stood at $219,276 million as on Dec. 31, 2016, up 4.44 percent compared with $209,947 million on Dec. 31, 2015. On the other hand, total liabilities stood at $189,350 million as on Dec. 31, 2016, up 3.69 percent from $182,607 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $143,549 million as on Dec. 31, 2016, up 6.74 percent compared with $134,491 million on Dec. 31, 2015. Deposits stood at $160,234 million as on Dec. 31, 2016, up 7.45 percent compared with $149,124 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $50,697 million or 31.64 percent of total deposits on Dec. 31, 2016, compared with $45,695 million or 30.64 percent of total deposits on Dec. 31, 2015.
Investments stood at $43,606 million as on Dec. 31, 2016, down 0.50 percent or $221 million from year-ago. Shareholders equity stood at $29,926 million as on Dec. 31, 2016, up 9.46 percent or $2,586 million from year-ago.
Return on average assets moved up 13 basis points to 1.16 percent in the quarter from 1.03 percent in the last year period. At the same time, return on average equity increased 69 basis points to 8.75 percent in the quarter from 8.06 percent in the last year period.
Nonperforming assets moved up 14.19 percent or $101 million to $813 million on Dec. 31, 2016 from $712 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.37 percent in the quarter, up from 0.34 percent in the last year period.
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