BB&T income drops 65 percent
BB&T Corp., the North Carolina lender that acquired Colonial Bancgroup Inc. in August, reported third-quarter profit dropped 65 percent as more real-estate borrowers stopped making payments.
Net income fell to $152 million, or 23 cents a share, from $358 million, or 65 cents, in the same period a year earlier, the Winston-Salem-based company said today.
Profit was expected to be 25 cents a share, according to a Bloomberg survey of 29 analysts.
-- Bloomberg News
Reader Reactions
Last year this time mortgage foreclosures were running around 6%. Now they are running around 8%. Why was there a crisis atmosphere and a lemming stampede last year and not this year? Why did the bottom fall out of the oil market almost the moment the results of last year’s election were announced? I smell a rat.
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