Have you been eager to see how M&T Bank Corporation ( MTB ) performed in Q2 in comparison with the market expectations? Let's quickly scan through the key facts from this NY-based major bank's earnings release this morning:
An Earnings Beat
M&T Bank came out with earnings per share of $2.01, beating the Zacks Consensus Estimate of $1.96. Strong top line along with loan and deposit growth was primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank remained stable prior to the earnings release. The Zacks Consensus Estimate has remained unchanged over the last 7 days.
Also, M&T Bank has a decent earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.07% in the trailing four quarters.
Revenue Came In Higher Than Expected
M&T Bank posted revenues of $1.18 billion, which beat the Zacks Consensus Estimate of $1.14 billion. Moreover, it compared favorably with the year-ago number of $1.13 billion.
Key Stats to Note:
§ Mortgage banking revenues: $102.6 million, up 7% year over year
§ Non-interest expense: $696.6 million, down 4% year over year
§ Reported quarter results included after-tax gain of about $23 million ($45 million pre-tax) related to the sale of trade processing business within the retirement services division of Institutional Client Services business during the quarter
§ Tax-deductible cash contributions of $40 million made to The M&T Charitable Foundation
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for M&T Bank. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this M&T Bank earnings report!
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