New York-based regional lender M&T Bank has beaten analyst
forecasts with a first quarter net profit of $206.3m, up 36% from
the year-ago period.
M&T’s earnings for the three months to 31 March were boosted
by higher net interest income, resulting from a widening of the net
interest margin – up 14 basis points year-on-year to 3.92% -lower
credit costs and significantly higher noninterest income.
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Credit-loss provisions fell by almost 30% to $75m while net
charge-offs declined to 0.58% of average loans from 0.74% a year
ago.
The ratio of non-performing assets to total loans plus real
estate and other foreclosed assets was 2.73% in the first quarter,
an improvement from 2.78% in the corresponding period last
year.
M&T’s cost-income ratio also showed a slight improvement,
declining by 13 basis points to 55.75%.
Total assets declined by 1% to $67.9bn; total deposits increased
by 6% to $50.5bn while total loans increased by 1% to $52.1bn.
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By GlobalDataFollowing completion of its merger with Wilmington Trust
announced last November, M&T will operate a branch network of
approximately 800 outlets and 2,000 ATMs in eight US states, the
District of Columbia and Ontario, Canada.
