"I am pleased to report solid fourth quarter earnings, given the current credit cycle, and pleased to convey a number of very positive trends in our performance," said Chairman and Chief Executive Officer Kelly S. King. "We enjoyed record net revenues for 2009, driven by strong mortgage banking income of $658 million and record insurance income, which exceeded $1 billion, as well as solid growth in net interest income. Our revenue growth for the quarter was robust at 22.7% and the net interest margin improved to 3.80% for the quarter. Growth in average noninterest-bearing deposits continues to be exceptional, at 41.5%, and average client deposits increased 28.8%."
For the full year 2009, BB&T's net income was $877 million, compared with $1.5 billion earned in 2008. Diluted earnings per common share for 2009 totaled $1.15, compared with $2.71 earned during the same period in 2008. Results for the full year 2009 produced returns on average assets and average common shareholders' equity of .56% and 4.93%, respectively.
Noninterest revenues increase 20.2% led by mortgage banking revenue, up 86.8%
Noninterest income increased $163 million, or 20.2%, during the fourth quarter of 2009 compared with the same quarter of 2008. These increases reflect a very strong performance from BB&T's mortgage banking operations during the quarter, as well as increased revenue from BB&T's insurance operations. The increase also reflects growth in service charges on deposit accounts, checkcard fees and other nondeposit fees and commissions.
BB&T earned $142 million in mortgage-related revenue in the fourth quarter of 2009, an increase of 86.8% compared with the fourth quarter of 2008. The growth in mortgage banking income is due to continued strong production revenue from residential mortgage banking operations and increased servicing income as a result of growth in the servicing portfolio. BB&T originated $5.3 billion of mortgage loans during the fourth quarter of 2009 and enjoyed record production of $28.2 billion for the full year 2009.
BB&T earned $260 million in insurance-related revenue in the fourth quarter, up $13 million, or 5.3%, compared with the fourth quarter of 2008. The increase in insurance income was due to growth in property and casualty fees and growth resulting from acquisitions.
Service charges on deposit accounts totaled $186 million in the fourth quarter of 2009, an increase of $15 million compared to the same quarter of 2008. Checkcard fees and other nondeposit fees and commissions increased 24.0% and 30.6%, respectively, compared to the fourth quarter of 2008.
At Dec. 31, 2009, BB&T had $165.8 billion in assets and operated 1,857 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Texas, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. For more information visit the company's website at www.BBT.com .
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