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.
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.