(WINSTON-SALEM) -- BB&T Corporation reported a 12.4 percent increase in its fourth quarter earning. The Winston-Salem based bank recorded net income of $208 million, or $.30 per diluted common share.  This compared to $185 million, or $.27 per diluted common share in the fourth quarter of the prior year. 2009.

"We are pleased to report record revenues for 2010, significant progress in our efforts to diversify the balance sheet, and across-the-board improvement in credit trends in the fourth quarter," said Chairman and Chief Executive Officer Kelly S. King. "Our company demonstrated significant progress diversifying from a concentration in real estate lending this quarter."

Revenue in 2010 for BB&T came in at a record $9.4 billion. This represents an increase of 5.8 percent compared to the previous year.

BB&T issued $20.9 billion in credit during the fourth quarter. This is an increase of 54 percent on an annualized basis compared to the third quarter.