BB&T Corp. (BBT) reported a rise in third-quarter net income available to common shareholders to $469 million, or $0.66 per share, from $366 million, or $0.52 per share, reported in the 2011 third quarter. On average, 35 analysts polled by Thomson Reuters expected earnings per share of $0.71 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly earnings were reduced by merger-related charges associated with the acquisition of BankAtlantic totaling $43 million pretax, or $0.04 per share, the company added.
Total revenues were $2.5 billion for the quarter, up from $2.14 billion a year before. The increase in total revenues included $66 million of higher taxable-equivalent net interest income, which was primarily driven by a 28.7% decline in funding costs from the same quarter of the prior year. Analysts estimated revenues of $2.45 billion for the third quarter.
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