M&T Bank, headquartered in Buffalo, N.Y., saw an increase in earnings in the third quarter, driven by a rise in deposits.
- The company recorded a profit of $690 million, or $3.98 a share, compared to $647 million, or $3.53 a share, in the same period last year.
- Adjusted earnings, excluding one-time items such as amortization, stood at $4.05 a share, exceeding analysts’ expectations of $3.88 a share.
- Taxable-equivalent net interest income rose to $1.79 billion from $1.69 billion in the previous year.
- Noninterest income slightly decreased by approximately 1% to $560 million, primarily due to a decline in trust income despite a rise in mortgage-banking revenue.
Deposits and Credit Losses
- Total deposits for the quarter decreased from $167.27 billion a year ago to $162.69 billion, while second-quarter deposits stood at $159.40 billion.
- The provision for credit losses remained flat at $150 million compared to the second quarter of 2023.