M&T Bank Reports $775 Million in Third-Quarter Net Income
M&T posted diluted earnings of $5.04 per share as average loans grew and the provision for credit losses reached $135 million.
Key takeaways
- M&T reported third-quarter net income of $775 million and diluted earnings of $5.04 per share.
- Average loans rose to $143,296 million, while the provision for credit losses was $135 million.
M&T Bank reported third-quarter net income of $775 million, or $5.04 in diluted earnings per common share. A year earlier, net income was $792 million and diluted earnings were $4.82 per share.
Average loans grew to $143,296 million from $140,650 million in the second quarter, with increases in commercial real estate, consumer and residential real estate balances. Deposits averaged $166,777 million, up from $163,524 million.
The provision for credit losses was $135 million, compared with $120 million in the prior quarter. Noninterest expense rose to $1,393 million from $1,349 million, which M&T attributed in part to higher software, professional services and personnel costs.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.