BB&T reported record revenues for 2010 and continues LENDING for 2011
BB&T Corporation (NYSE: BBT) today reported earnings for the fourth quarter of 2010. Net income available to common shareholders totaled $208 million, or $.30 per diluted common share, compared with $185 million, or $.27 per diluted common share, earned during the fourth quarter of 2009. These results reflect increases of 12.4% and 11.1%, respectively.
“We are pleased to report record revenues for 2010, significant progress in our efforts to diversify the balance sheet, and across-the-board improvement in credit trends in the fourth quarter,” said Chairman and Chief Executive Officer Kelly S. King. “Revenues totaled $9.4 billion for 2010, an increase of 5.8% compared to last year.”
“Our company demonstrated significant progress diversifying from a concentration in real estate lending this quarter,” said King. “Average C&I loans grew 6.9% on an annualized basis compared to the third quarter, while construction and other real estate loan balances declined significantly, consistent with our strategy. We also effectively grew automobile, mortgage and credit card loans during the quarter. In fact, our automobile lending enjoyed a record production year, and December was the most productive month for commercial lending in the history of BB&T.”
It was a pleasure meeting with Florida Redevelopment Association and thank for taking the time to present CRA compliance in South Florida.
Today, BB&T reported record revenues for 2010. Part of the reason is because we are still LENDING…
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