BB&T reports record quarterly earnings; EPS totals $0.72, up 64%

BB&T reports record quarterly earnings; EPS totals $0.72, up 64% PR Newswire WINSTON-SALEM, North Carolina, July 19, 2012 WINSTON-SALEM, North Carolina, July 19, 2012 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today reported record second quarter net income available to common shareholders of $510 million. This reflects an increase of 66% compared to $307 million reported in the second quarter of 2011. Earnings per diluted common share totaled $0.72, an increase of 64% compared to $0.44 earned in the second quarter last year. These earnings produced an annualized return on average assets of 1.22% and a return on average common shareholders' equity of 11.21%. For the first six months of 2012, BB&T reported net income available to common shareholders of $941 million, an increase of 77% compared to the first six months of last year. Earnings per diluted common share totaled $1.33 for the first six months of 2012, an increase of 75% compared to 2011. "We are excited to report the strongest net income for any quarter in our history," said Chairman and Chief Executive Officer Kelly S. King. "This record performance reflects a 7% increase in net interest income, a 44% increase in noninterest income, lower credit costs and effective expense control. The net interest margin increased this quarter following the call of our outstanding trust preferred securities.