M&T Bank profit slumps on lower interest income, bigger rainy-day funds [Reuters]
M&T Bank Corporation (MTB)
Last m&t bank corporation earnings: 4/20 06:37 am
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Source: Reuters
, opens new tab posted a 25% drop in first-quarter profit on Monday as higher deposit costs reduced its interest income, and a turmoil in the commercial real estate (CRE) industry prompted it to set aside more rainy-day funds. Regional lenders have had to pay higher interest rates on deposits to prevent customers from fleeing to higher-yielding alternatives, such as money market funds. Buffalo, New York-based M&T Bank's net interest income - the difference between what a bank earns on loans and pays on deposits - fell 8% to $1.68 billion in the first quarter from a year earlier. Report this ad Net income available to common shareholders fell to $505 million, or $3.02 per share, for the three months ended March 31, from $676 million, or $4.01 per share, a year earlier. M&T, which has a substantial exposure to CRE loans compared to its regional banking peers, set aside $200 million as provisions for credit losses, compared with $120 million a year earlier. Changing patterns
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News
- M&T Bank Decreases Prime Rate [Yahoo! Finance]Yahoo! Finance
- M&T Bank Decreases Prime RatePR Newswire
- M&T Bank Corporation Announces Third Quarter 2024 Earnings Release and Conference CallPR Newswire
- C&R Software Acquires SpringFour, Expanding Reach of Financial Health Solutions [Yahoo! Finance]Yahoo! Finance
- M&T Bank Co. (NYSE: MTB) was upgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating. They now have a $215.00 price target on the stock, up previously from $183.00.MarketBeat
MTB
Earnings
- 7/18/24 - Beat
MTB
Sec Filings
- 9/10/24 - Form 8-K
- 9/5/24 - Form 4
- 9/3/24 - Form 144
- MTB's page on the SEC website