View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 14, 2011updated 04 Apr 2017 1:09pm

M&T full year profits rise by 94%

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&Ts 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

By Douglas Blakey

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.

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International