BB&T Corporation Q1 Profits Increase; Misses Estimates (BBT)

Before Thursday’s opening bell, regional bank BB&T Corporation (BBT) reported higher first quarter earnings. Despite the increase in earnings, the company was unable to exceed analysts’ expectations.

BBT’s Earnings in Brief

BBT posted first quarter earnings of $501 million, or 69 cents per share, up from $210 million, or 29 cents per share, a year ago. Analysts expected to see earnings of 70 cents per share. Revenue for the quarter was $2.29 billion, down from $2.46 billion last year and below analysts’ estimate of $2.31 billion. The bank reported that its loan portfolio rose 1.7% from the Q1 of last year.

CEO Commentary

BBT’s chairman and CEO Kelly S. King had the following comments: ”Our results for the first quarter were solid in light of normal seasonality. Insurance revenues were very strong for the quarter, credit results continued to improve and expenses were down $53 million compared with last quarter, reflecting improving expense control. Commercial loan growth was strong, particularly commercial real estate lending for income producing properties. Consistent with industry trends, mortgage banking income declined as originations were down from last year’s record levels.”

BBT’s Dividend

BBT paid its last quarterly dividend of 23 cents on March 3.  The company reported that it is considering raising its dividend to 24 cents. We expect BBT to declare its next dividend sometime in April.

Stock Performance

BB&T Corporation shares were mostly flat during pre-market trading Thursday. The stock is up 5.41% YTD.

BBT Dividend Snapshot

As of market close of April 16, 2014

Click here to see the complete history of BBT dividends.