How did M&T Bank's fourth-quarter profit perform?

M&T Bank reported a rise in fourth-quarter profit, driven by higher interest income and mortgage banking results.

What contributed to M&T Bank's revenue growth?

M&T Bank's revenue growth was boosted by increased net interest income and a significant rise in mortgage banking revenue.

Did M&T Bank increase or decrease its provisions for credit losses?

M&T Bank decreased its provisions for credit losses in the fourth quarter to $125 million, down from $140 million a year earlier.

Home / Business and Economy / M&T Bank Profit Soars on Rising Interest Income

M&T Bank Profit Soars on Rising Interest Income

16 Jan

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Summary

Fourth-quarter profit increased due to higher interest income.
Mortgage banking revenue saw a significant 32% rise.
Provisions for credit losses decreased from the previous year.

M&T Bank Profit Soars on Rising Interest Income

M&T Bank announced an increase in its fourth-quarter profit, primarily driven by enhanced interest income and improved mortgage banking operations. The bank's net interest income experienced a nearly 3% growth compared to the previous year, reaching $1.78 billion, with net interest margins widening to 3.69%.

Non-interest income also saw a rise of approximately 6%, attributed to stronger performance in mortgage banking, service charges on deposit accounts, and trust income. Notably, mortgage banking revenue surged by 32%, propelled by an increase in income from residential mortgage loan servicing and gains from commercial mortgage loan sales.

Financially, net income available to common shareholders increased to $718 million, or $4.67 per share, compared to the prior year. The bank allocated $125 million for provisions for credit losses, a decrease from the $140 million set aside in the same period last year.