Buffalo-based M&T has posted a full year net profit of $736m for the 12 months to 31 December, up 94% from $380m in the prior year.
M&T’s net interest margin increased by 35 basis points to 3.84% during the year, helping to boost net interest income by 10% year-on-year to $2.27bn.
The provision for credit losses declined 39% to $368 million for the year from $604 million in 2009. Net loan charge-offs in 2010 totaled $346 million, or .67% of average loans outstanding, compared with $514 million or 1.01% of average loans in 2009.
Total deposits were $49.8bn at 31 December 5% higher than $47.4bn at the end of 2009.
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M&T had total assets of $68bn at the year-end, down 1% year-on-year.
In fiscal 2010, M&T’s cost-income ratio improved by 279 basis points from 56.5% to 53.71%.
M&T’s distribution network comprises 725 branches and 1,800 ATMs located in New York, Pennsylvania, Maryland, Washington DC, Virginia, West Virginia and Delaware.
