BB&T Corporation at Morgan Stanley Financials Conference Transcript - Thomson StreetEvents

BB&T Corporation at Morgan Stanley Financials Conference Transcript

11 pages (7096 words) — Published Feb 02, 2011
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Abstract:

Final Transcript of BBT presentation, 2-Feb-11 9:30am ET

  
Brief Excerpt:

...Betsy Graseck - Morgan Stanley - Analyst Okay. Thanks, everybody. As you know, due to the weather, we are going to be having an audio conference call with Kelly King. And we will be doing about 20, 25 minutes of presentation with time for Q&A. I would like to introduce Kelly King. Kelly King is Chairman and CEO of BB&T Corporation. Kelly has spent his entire career at BB&T, and served on various roles throughout the bank, including Banking Manager for BB&T's branch networks, Chief Operating Officer from 2004 to 2008, before taking over the reins as CEO in 2009. Today, BB&T Corporation is among the nation's largest banks, with $160 billion in assets and almost 1800 branches across the Southeast. Under Kelly's leadership, BB&T successfully weathered the downturn and has been profitable in every quarter over the last three years, while maintaining one of the highest dividend payout ratios in the sector. With that, I will turn it over to Kelly. Kelly. Kelly King - BB&T Corporation - Chairman,...

  
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The following is excerpted from the question-and-answer section of the transcript.

(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)

Question: Betsy Graseck - Morgan Stanley - Analyst: Okay, super. Thank you, Kelly. So we have mics in the audience for folks, if there are any questions. I know that BB&T couldn't be here for their one-on-one, so to the extent that you folks have questions -- okay -- over here.


Question: Casey Ambrecht - Millennium Partners - Analyst: It's [Casey Ambrecht] from Millennium Partners. When investors look at your pre-tax pre-provision PPOP, it has remained pretty consistent at over $1 billion on a quarterly run rate, and it exceeds your quarterly NPA inflows. So if you look at it as a PPOP (technical difficulty) NPA formation, it is around 3 to 1, where at some of the regional peers, it is the exact opposite of 1 to 3. So I guess my question is if NPAs continue to moderate like they did in the fourth quarter, when should we see earnings really begin to ramp up? Thank you.

Answer By: Kelly King - BB&T Corporation - Chairman, CEO


Question: Betsy Graseck - Morgan Stanley - Analyst: Okay. Thanks, Kelly. A question from me, Kelly, on the expense ratio. You indicated that expenses did go up a little bit in 2010, a function of regulatory pressures, in addition to other things. Could you talk through how you plan on managing that expense ratio going forward? Are we in a new normal of 53 to 55, or is there something that you can do to be bringing that down?

Answer By: Kelly King - BB&T Corporation - Chairman, CEO


Question: Betsy Graseck - Morgan Stanley - Analyst: Right, okay. And on the NPA declines, you've clearly taken some opportunity over the last couple of quarters to accelerate your NPA declines through bulk sales, et cetera. Could you talk a little bit about how you are managing that over the course of the next couple of quarters? Is that going to accelerate from here or are you more in winddown mode on that?

Answer By: Kelly King - BB&T Corporation - Chairman, CEO


Question: Betsy Graseck - Morgan Stanley - Analyst: Other questions in the room? Last one for me, on M&A. You talked about being top five in each of your key regions. You also indicated that that might take some time in places like Texas. Could you help us understand how you are thinking about filling out and getting to that top five in the event that acquisition opportunities don't come your way?

Answer By: Kelly King - BB&T Corporation - Chairman, CEO


Question: Betsy Graseck - Morgan Stanley - Analyst: Okay. Any other questions for Kelly in the room? Okay, thank you, Kelly.

Answer By: Kelly King - BB&T Corporation - Chairman, CEO

Table Of Contents

BB&T Corp at Barclays Capital Americas Select Conference Transcript – 2011-05-24 – $54.00 – Final Transcript of BBT presentation, 24-May-11 2:10pm UKT

BB&T Corp at UBS Global Financial Services Conference Transcript – 2011-05-10 – $54.00 – Final Transcript of BBT presentation, 10-May-11 11:25am ET

BB&T Corp Q1 2011 Earnings Conference Call Summary – 2011-04-21 – $54.00 – Edited Brief of BBT earnings conference call or presentation, 21-Apr-11 8:00am ET

BB&T Corp Q1 2011 Earnings Conference Call Transcript – 2011-04-21 – $54.00 – Final Transcript of BBT earnings conference call or presentation, 21-Apr-11 8:00am ET

BB&T Corporation at Keefe, Bruyette & Woods, Inc. Boston Bank Conference Transcript – 2011-03-01 – $54.00 – Final Transcript of BBT presentation, 1-Mar-11 11:10am ET

BB&T Corporation Q4 2010 Earnings Conference Call Summary – 2011-01-21 – $54.00 – Edited Brief of BBT earnings conference call or presentation, 21-Jan-11 8:00am ET

BB&T Corporation Q4 2010 Earnings Conference Call Transcript – 2011-01-21 – $54.00 – Final Transcript of BBT earnings conference call or presentation, 21-Jan-11 8:00am ET

BB&T Corporation at Goldman Sachs US Financial Services Conference Transcript – 2010-12-08 – $54.00 – Final Transcript of BBT presentation, 8-Dec-10 3:20pm ET

BB&T Corporation at Sandler O'Neill & Partners, L.P. East Coast Financial Services Conference Transcript – 2010-11-11 – $54.00 – Final Transcript of BBT presentation, 11-Nov-10 1:00pm ET

BB&T Corporation at BancAnalysts Association of Boston Conference Transcript – 2010-11-05 – $54.00 – Final Transcript of BBT presentation, 5-Nov-10 10:00am ET

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