BB&T Reports Record Earnings of $842MM in Q2/2019



BB&T reported its earnings for the second quarter of 2019. Its record net income available to common shareholders was $842 million, up 8.6% compared with the second quarter last year.

Earnings per diluted common share were $1.09 for the second quarter of 2019, an increase of 10.1% compared with the same period last year. Results for the second quarter produced an annualized return on average assets of 1.55% and an annualized return on average common shareholders’ equity of 11.98%.

Excluding merger-related and restructuring charges of $23 million ($19 million after-tax) and incremental operating expenses related to the merger of $9 million ($7 million after-tax), net income available to common shareholders was a record $868 million, or $1.12 per diluted share. Adjusted diluted earnings per common share increased $0.07 compared to the first quarter of 2019. Adjusted annualized return on average assets and annualized return on average tangible common shareholders’ equity were 1.59% and 20.00%, respectively.

“These results were driven by strong loan growth, improved revenues led by record insurance income and a strong performance in investment banking and brokerage fees and commissions, as well as continued healthy asset quality,” said BB&T Chairman and CEO Kelly S. King. “This has been an exciting quarter as we made significant progress building our new company, Truist, with our SunTrust partners. One day Truist will be a name that reflects the rich heritage of both companies and is synonymous with our goal to provide a better future for our clients, communities and associates, which will drive strong performance for our shareholders.

“This quarter, both BB&T and SunTrust made significant new commitments to the communities in which we are headquartered, including the $60 billion community benefit plan with the National Community Reinvestment Coalition that was announced earlier this week,” King said. “Looking to the future, we also named a location in Charlotte for the Truist headquarters and named the next layer of talent for the combined company.”

Q2 2019 performance highlights also included:

  • Taxable-equivalent revenues were $3.1 billion, up $144 million from the first quarter of 2019
  • Noninterest expense was $1.8 billion, down $17 million compared to the first quarter of 2019
  • Average loans and leases held for investment were $150.5 billion, up $2.4 billion, or 6.5% annualized compared to the first quarter of 2019
  • Average deposits were relatively flat compared to the first quarter of 2019
  • Asset quality remains excellent
  • Capital levels remained strong across the board

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