BB&T reported Q4/18 earnings of $754 million and earnings of $3.1 billion for the full fiscal year of 2018. Q4 earnings were down 4.4% from Q3 earnings of $789 million, but up 22% compared to 2017’s Q4 earnings of $614 million.
Earnings per diluted common share were $0.97 for the fourth quarter of 2018, down from $1.01 last quarter. However, EPS for the full year was $3.91 per diluted share, far outstripping 2017 earnings of $2.2 billion or $2.74 per diluted share.
“We are pleased to report record taxable-equivalent revenues of $3 billion and strong fourth-quarter and record full-year earnings, while we continue to make significant investments in our digital platform to enhance our clients’ experiences,” said BB&T Chairman and CEO Kelly S. King.
Additional Q4 highlights included:
“Our diversified businesses continue to perform well, as evidenced by quarterly record revenues of $487 million from insurance income and $139 million from investment banking income. Our GAAP efficiency ratio increased to 60.7% due to higher merger-related and restructuring charges. Our adjusted efficiency ratio was 56.5%, which is at the lowest level since 2014. We also delivered solid loan growth for the quarter,” King added. “Asset quality remains excellent and nonperforming assets improved further during the fourth quarter.”
The full earnings report can read here.
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