BB&T in Winston-Salem, N.C., rode recent acquisitions to a record profit in the third quarter.
The $222.6 billion-asset company said Wednesday that its net income for the quarter that ended Sept. 30 was $599 million, up nearly 22% from the same period last year. Earnings per share came in at 73 cents, topping consensus estimates of Wall Street analysts by three cents.
Interest income climbed nearly 10% year over year, to $1.6 billion, aided largely by loans it inherited in its acquisitions of two Pennsylvania banking companies, National Penn Bancshares and Susquehanna Bancshares. Its net interest margin was up four basis points year over year, to 3.39%, but was down two basis points from prior quarter.
Noninterest income climbed 28% year over year, to nearly $1.2 billion. The company attributed the gain to increased income from mortgage banking and higher insurance revenue following its acquisition of Swett & Crawford earlier this year.
Total revenue climbed 13%, to nearly $2.8 billion.