Summary
BB&T Corporation (TFC) reported strong fourth quarter and full-year 2002 results, demonstrating significant growth and consistent performance. For the fourth quarter of 2002, net income rose by 21.3% year-over-year to $337.3 million, translating to diluted earnings per share of $0.70, an increase of 14.8%. Full-year net income saw a substantial 33.8% increase to $1.303 billion. The company highlighted strong performance in its noninterest income businesses, particularly mortgage banking and insurance, which experienced robust growth driven by both organic expansion and strategic acquisitions. BB&T also emphasized its consistent track record, marking the 21st consecutive year of record performance. Despite a challenging economic environment, the company delivered a total shareholder return of 5.5% in 2002, significantly outperforming the S&P 500. The report also details expansion efforts, including new branches in Florida and Maryland, and prudent asset quality management with stable nonperforming assets and a slight decrease in net charge-offs. Management expressed optimism for 2003, projecting earnings per share between $2.95 and $3.05, assuming economic recovery in the latter half of the year.
Key Highlights
- 1BB&T Corporation reported record net income for Q4 2002 of $337.3 million, a 21.3% increase from Q4 2001.
- 2Full-year 2002 net income reached $1.303 billion, a 33.8% increase compared to 2001.
- 3Diluted earnings per share for Q4 2002 were $0.70, up 14.8% from $0.61 in Q4 2001.
- 4Noninterest income grew significantly by 34.4% in Q4 2002, driven by mortgage banking and insurance operations.
- 5The company achieved its 21st consecutive year of record performance in 2002.
- 6BB&T's total shareholder return for 2002 was 5.5%, outperforming the S&P 500's -22.1% return.
- 7Asset quality remained strong, with nonperforming assets as a percentage of total assets at 0.56% and net charge-offs decreasing modestly.