BB&T -5.5% as Q2 profit, revenue fall on weak mortgage business


BB&T (NYSE:BBT) -5.5% premarket after reporting disappointing Q2 results which failed to meet earnings expectations and included a 7.5% Y/Y drop in revenue, as mortgage banking income fell.

BBT says net income in the mortgage banking unit fell 49% Y/Y to $86M but rose by $12M from Q1.

Net interest margin was 3.43%, down 9 bps Q/Q due to lower rates on new loans and securities.

Loan portfolio increased 2.5% Y/Y to $117.1B; commercial loans rose 2.7% to $39.4B.

BBT's credit quality improved, as its net charge-off rate declined to 0.40%, the lowest level since 2007, from 0.75% a year ago and from 0.55% in Q1.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs