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Byline: Jane Seccombe
Oct. 12--BB&T Corp., the fourth-biggest bank in the Southeast, reported solid core results for the third quarter yesterday, overcoming tough economic conditions with increased fee income and expense controls.
The financial-holding company more than doubled net income to $222 million, or 48 cents a diluted share, in the three months ending Sept. 30 compared with the same period last year, but the comparison was distorted by significant acquisition-related charges and losses from a restructuring of its securities portfolio in the 2000 period.
Excluding nonrecurring items, BB&T increased earnings to $283.5 million, or 62 cents a diluted share, in the third quarter. This represented an annualized return on average assets of 1.62 percent compared with 1.58 …