BB&T reports 3rd quarter EPS totaling $0.37; Adjusted EPS of $0.70 excluding tax adjustment

BB&T reports 3rd quarter EPS totalingBB&T reports 3rd quarter EPS totaling $0.37; Adjusted EPS of $0.70 excluding tax adjustment PR Newswire WINSTON-SALEM, North Carolina, Oct. 17, 2013 BB&T Corporation (NYSE: BBT) today reported third quarter 2013 net income available to common shareholders of $268 million, or $0.37 per diluted share. Net income available to common shareholders and earnings per share include the impact of a previously announced $235 million tax adjustment. Excluding this adjustment, BB&T's third quarter earnings totaled $503 million, or $0.70 per diluted share. Excluding the tax adjustment, net income available to common shareholders increased 7.2% and earnings per diluted share increased 6.1% compared with the third quarter of 2012. Third quarter earnings exclusive of the tax adjustment produced an annualized return on average assets of 1.20% and an annualized return on average common shareholders' equity of 10.22%. "BB&T posted solid results in a challenging environment this quarter," said Chairman and Chief Executive Officer Kelly S. King. "Our 7% growth in adjusted earnings was driven by a substantial improvement in credit quality to the best levels in almost six years. In addition, we maintained a stable net interest margin and reduced expenses compared with last quarter. We are also pleased to achieve 3% loan growth in a sluggish economic environment.