BB&T Falls After Profit Misses Estimates on ExpensesElizabeth Dexheimer
BB&T Corp. fell the most since 2012 after the North Carolina regional bank reported second-quarter profit that missed estimates as expenses climbed.
BB&T slid 4.4 percent to $37.20 at 9:48 a.m. in New York and earlier touched 36.78, the biggest intraday decline since Nov. 7, 2012. It was the worst performer in the 24-company KBW Bank Index, which fell 0.3 percent.
Net income declined 22 percent in the quarter to $425 million, or 58 cents a share, the Winston-Salem-based bank said today in a statement. Profit excluding some expenses was 70 cents a share, missing the 75-cent average estimate of 31 analysts surveyed by Bloomberg.
Expenses increased 3.7 percent to $1.55 billion from a year earlier as the bank took a charge of $53 million, or 7 cents a share, after being notified that the U.S. Department of Housing and Urban Development plans to audit the company over sales of government-backed loans.