BB&T Corp. on Thursday said profits rose about 18 percent in the fourth quarter from the same period a year earlier, as revenues grew at the Winston-Salem-based bank holding company.
Charlotte’s third-largest bank by deposits reported $592 million in net income available to common shareholders, compared with $502 million in the year-ago quarter. Excluding merger-related costs and other items, net income for the recent fourth quarter was $600 million.
The quarter marks the latest in which BB&T’s revenues have been boosted in part from recent acquisitions. The company said Thursday revenues in the quarter were helped by its April purchase of wholesale insurance broker Swett & Crawford.
BB&T also said Thursday it earned a record $2.3 billion in net income for all of 2016, up 16.7 percent from 2015.
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The company noted that results in the recent quarter were negatively impacted by rising interest rates. Last month, the Federal Reserve increased rates for the second time in a decade, signaling the central bank’s confident outlook for the U.S. economy.
BB&T said it booked $34 million in pre-tax charges in connection to higher interest rates.
CEO Kelly King said in a statement the company is “well-positioned for future interest rate increases” and that he was pleased by the “strong” earnings in the fourth quarter.