BB&T reports 43 percent decline in profit to $268 million during third quarter - Winston-Salem Journal: Business News

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BB&T reports 43 percent decline in profit to $268 million during third quarter

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Posted: Thursday, October 17, 2013 8:11 am | Updated: 8:35 pm, Thu Oct 17, 2013.

BB&T Corp., as expected, reported Thursday a sharp decline in profit to $268 million during the third quarter, the result of taking a $235 million charge for a federal tax adjustment.

The bank experienced the legal loss in the U.S. Court of Federal Claims during the quarter for its use of a financial transaction that the U.S. Labor Department called “an abusive tax shelter.”

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