BB&T Corp.'s (BBT) first-quarter earnings jumped 92% as the lender cut its credit costs and benefited from strong lending demand from commercial borrowers.
Like its fellow lenders, the mid-Atlantic and Southeast regional bank has posted stronger results in recent quarters as credit conditions strengthen and lower reserves are needed for potentially troubled loans.
For the latest period, BB&T's provision for credit losses declined $55 million from a year earlier.
Total loans at the bank grew 6.3% from a year earlier, with a 7.7% jump seen in the commercial and industrial segment.
BB&T reported a profit attributable to shareholders of $431 million, up from a year-earlier profit of $225 million. Per-share earnings rose to 61 cents from 32 cents a year ago.
Total revenue jumped 15% to $2.34 billion. Analysts expected a per-share profit of 59 cents on $2.24 billion in revenue, according to a poll conducted by Thomson Reuters.
Net charge-offs, or loans lenders don't think are collectible, fell to 1.28% of average loans, compared with 1.84% a year earlier and 1.46% in the fourth quarter.
