BB&T Reports Record Second Quarter Earnings

BB&T (NYSE:BBT) has announced its earnings for the second quarter of 2017.
As quoted in the press release:

Net income available to common shareholders was a record $631 million, up 16.6 percent from the second quarter of 2016. Earnings per diluted common share were $0.77 for the second quarter of 2017. Excluding pre-tax merger-related and restructuring charges of $10 million ($6 million after tax), net income available to common shareholders was $637 million, or $0.78 per diluted share.
Net income available to common shareholders was $378 million ($0.46 per diluted share) for the first quarter of 2017 and $541 million ($0.66 per diluted share) for the second quarter of 2016.
“We are pleased to report record earnings and revenues for the second quarter,” said Chairman and Chief Executive Officer Kelly S. King. “Taxable-equivalent revenues were a record $2.9 billion, up 3.9 percent compared to the second quarter of 2016,” King said. “Net interest income was up $18 million and noninterest income was up $90 million from last year. In addition, revenues were up an annualized 10.7 percent, from the first quarter of 2017.
“Our credit quality improved further in the second quarter, as we had declines in non-performing assets, net charge-offs, performing TDRs and loans 90 days or more past due.”
“We are also pleased to receive the Federal Reserve’s non-objection to our capital plan that includes a quarterly dividend of $0.33 per share, an increase of ten percent, and up to $1.88 billion in share repurchases,” King said. “This will allow us to continue to provide one of the strongest dividend payouts among all large banks.”

Click here to read the full press release.