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BB&T reports earnings of $749 million; $0.97 per diluted share; Record earnings of $813 million, excluding merger-related and restructuring charges

Nachrichtenquelle: PR Newswire (engl.)
18.04.2019, 11:45  |  267   |   |   

WINSTON-SALEM, North Carolina, April 18, 2019 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported earnings for the first quarter of 2019. Net income available to common shareholders was $749 million. Earnings per diluted common share were $0.97 for the first quarter of 2019, equal to last quarter. Results for the first quarter produced an annualized return on average assets of 1.43 percent and an annualized return on average common shareholders' equity of 11.08 percent.

Excluding merger-related and restructuring charges of $80 million ($64 million after-tax), net income available to common shareholders was a record $813 million, or $1.05 per diluted share. Adjusted diluted earnings per share increased 8.2 percent compared to the first quarter of 2018.

Net income available to common shareholders was $754 million ($0.97 per diluted share) for the fourth quarter of 2018 and $745 million ($0.94 per diluted share) for the first quarter of 2018.

"We are pleased to report strong earnings of $749 million, or $0.97 per diluted common share, for the first quarter," said Chairman and Chief Executive Officer Kelly S. King. "Excluding merger-related and restructuring charges, we achieved record quarterly earnings of $813 million, or $1.05 per diluted common share.

"Our businesses continue to perform well, with record quarterly insurance revenues, increased net interest margin, solid loan growth, strong expense control, excellent asset quality, and strong capital and liquidity," King said.

"We continue to prepare for the integration of our company with SunTrust and are excited as our colleagues work together to create the premier financial institution. We know that after merging with SunTrust, we will be best positioned to help our clients achieve financial success while continuing to invest in our communities and associates and delivering enhanced value to our shareholders," King said.

First Quarter 2019 Performance Highlights

  • Earnings per diluted common share were $0.97, unchanged compared to fourth quarter of 2018
    • Diluted earnings per share were $1.05, excluding merger-related and restructuring charges
    • Return on average assets was 1.43 percent
    • Return on average common shareholders' equity was 11.08 percent
    • Return on average tangible common shareholders' equity was 18.36 percent
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