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BB&T Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 9, 2011 03:25PM

BB&T Corp. (BBT) filed Quarterly Report for the period ended 2011-09-30. Bb&t Corp. has a market cap of $16.86 billion; its shares were traded at around $24.19 with a P/E ratio of 15.3 and P/S ratio of 1.5. The dividend yield of Bb&t Corp. stocks is 2.6%.



Highlight of Business Operations:

Consolidated net income for the third quarter of 2011 totaled $371 million, an increase of $152 million, or 69.4%, compared to $219 million earned during the third quarter of 2010. Consolidated net income available to common shareholders for the third quarter of 2011 totaled $366 million, an increase of $156 million, or 74.3%, compared to $210 million earned during the same period in 2010. On a diluted per common share basis, earnings for the three months ended September 30, 2011 were $0.52, compared to $0.30 for the same period in 2010, an increase of 73.3%. BB&T’s results of operations for the third quarter of 2011 produced an annualized return on average assets of 0.89% and an annualized return on average common shareholders’ equity of 8.30% compared to prior year ratios of 0.56% and 4.91%, respectively.

Consolidated net income for the first nine months of 2011 totaled $932 million, an increase of $295 million, or 46.3%, compared to $637 million earned during the first nine months of 2010. Consolidated net income available to common shareholders for the first nine months of 2011 totaled $898 million, an increase of $290 million, or 47.7%, compared to $608 million earned during the same period in 2010. On a diluted per common share basis, earnings for the nine months ended September 30, 2011 were $1.27, compared to $0.87 for the same period in 2010, an increase of 46.0%. BB&T’s results of operations for the first nine months of 2011 produced an annualized return on average assets of 0.78% and an annualized return on average common shareholders’ equity of 7.05% compared to prior year ratios of 0.53% and 4.84%, respectively.

Nonperforming assets, excluding covered foreclosed real estate, declined $384 million, or 11.5%, compared to June 30, 2011. Inflows of nonaccrual loans were $685 million for the third quarter of 2011 compared to $780 million in the prior quarter, a decrease of 12.1%. During the third quarter of 2011, BB&T disposed of $213 million of foreclosed property and $239 million of nonaccrual commercial loans through sales or short sales. This net increase was offset by a decrease of $617 million, primarily from charge-offs, write-downs and payments. Management currently expects nonperforming assets to continue to decrease on a sequential quarter basis by 5% to 10% for the fourth quarter assuming relative stability in the overall economy.

Consolidated net income for the third quarter of 2011 totaled $371 million, an increase of $152 million, or 69.4%, compared to $219 million earned during the third quarter of 2010. Net income available to common shareholders totaled $366 million, which generated diluted earnings per common share of $0.52 in the third quarter. Net income available to common shareholders for the same period of 2010 totaled $210 million, which generated diluted earnings per common share of $0.30. BB&T’s results of operations for the third quarter of 2011 produced an annualized return on average assets of 0.89% and an annualized return on average common shareholders’ equity of 8.30%, compared to prior year returns of 0.56% and 4.91%, respectively.

Consolidated net income for the first nine months of 2011 totaled $932 million, an increase of $295 million, or 46.3%, compared to $637 million earned during the first nine months of 2010. Net income available to common shareholders totaled $898 million, which generated diluted earnings per common share of $1.27. Net income available to common shareholders for the first nine months of 2010 totaled $608 million, which generated diluted earnings per common share of $0.87. BB&T’s results of operations for the first nine months of 2011 produced an annualized return on average assets of 0.78% and an annualized return on average common shareholders’ equity of 7.05%, compared to prior year returns of 0.53% and 4.84%, respectively.

Read the The complete Report



Stocks Discussed: BBT,
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