NU Online News Service, July 22, 3:13 p.m. EDT
BB&T Corp. said its insurance operations produced record quarterly revenues despite the impact of the soft market.
The Winston-Salem, N.C.-based bank said BB&T Insurance Services posted revenues in the second quarter of $287 million, up 2 percent, or $6 million, from the same period last year.
For the six months, revenues are up slightly on a year-to-year basis by 1 percent, or $7 million, to $540 million.
"Insurance continues to perform reasonably well given the soft market," said Daryl N. Bible, chief financial officer during a conference call with investment analysts.
The second quarter was a 13 percent improvement over the first quarter performance of $253 million, an increase of $34 million on a quarter-to-quarter basis.
When asked about corporate expansion, Kelly S. King, chairman, president and chief executive officer, said on the banking side the company would continue to grow over the next five years in the mid-Atlantic and Southeast states. On non-core business, he said growth would continue on a national scale "based on the economic reality of their performance."
For BB&T Corp., second quarter net income was $224 million, up 8 percent, or $16 million. Earnings per share rose 10 cents to 30 cents a share.
For the first six months, net income is down 21 percent, or $108 million, to $418 million. Earnings per share for the six months stood at 58 cents a share, down 9 cents a share.
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