BB&T Corp., Winston-Salem, N.C., said its second-quarter profit rose 20%, to $122 million, fueled by greater gains in fee revenue and strong loan volume.
Earnings per share of 85 cents beat the consensus estimate by a penny. The $31.5 billion-asset banking company said its noninterest income rose 34%, to $129.6 million. Loans grew 12%, to $21.4 billion.
Two acquisitions in June helped boost second-quarter fee income: Dealers Credit Inc., a Menomonee Falls, Wis., commercial and consumer credit firm, and W.E. Stanley & Co., a Greensboro, N.C., consulting and employee benefits administration firm.
Expenses during the quarter rose 12%, to $229 million.