M&T Bank’s Q1 Profit Jumps 39% on Higher Fees, Lower Loan Losses (MTB)

By Dividend.com Staff,

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Regional banker M&T Bank Corporation ( MTB ) on Monday said its first quarter profit surged 39% from last year, easily beating analyst estimates.

The Buffalo-based company reported first quarter net income of $190.1 million, or $1.59 per share, compared with $136.4 million, or $1.15 per share, in the year-ago period.

On average, Wall Street analysts expected a much smaller profit of $1.41 per share.

The company also posted solid declines in expected loan losses. It's provision for credit losses fell to $75 million from $105 million, while net charge-offs, or loans that are expected to not be repaid, fell to $74 million from $95 million.

M&T Bank shares were mostly flat in premarket trading Monday.

The Bottom Line
We have been recommending shares of M&T Bank ( MTB ) since Jan.3, 2011, when the stock was trading at $87.05. The company has a 3.28% dividend yield, based on Friday's closing stock price of $85.35.

M&T Bank Corporation ( MTB ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by Dividend.com

This article appears in: Investing Stocks
Referenced Stocks: MTB

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