M&T Bank Profit Falls as Expenses Rise Despite Loan and Margin Gains
Proposed rule changes may raise M&T's key capital ratio.
Overview
- M&T Bank, which reported results Wednesday, posted net income of $664 million and GAAP EPS of $4.13.
- Net interest margin edged up to 3.71% as taxable-equivalent net interest income held near $1.76 billion.
- Loans grew to $138.4 billion as credit quality strengthened with net charge-offs at 0.31%.
- Noninterest costs rose to $1.44 billion, pushing the efficiency ratio to 58.3%.
- Share repurchases of about $1.25 billion left estimated CET1 at 10.33% within a new 10.0% to 10.5% target, and pending rule changes could add roughly 90 to 110 basis points.