M&T Bank Q4 Net Income Slips
(RTTNews) - M&T Bank Corporation (MTB), on Thursday reported a decline in net profit for the fourth-quarter, amidst higher provision for credit losses, decline in net interest income as well as non-interest income.
For the fourth-quarter, the lender reported a net income of $457 million or $2.74 per share, lesser than $739 million or $4.29 per share, posted for the same period last year.
Provision for credit losses surged to $225 million from $90 million a year ago. Higher provision for credit losses reflects continued pressure on investor-owned commercial real estate borrowers and a $1.7 billion increase in loan balances from September 30, to December 31, 2023.
Net interest income declined to $1.722 billion from $1.827 billion of previous year.
Non-interest income also dropped to $578 million, from $682 million in 2022.
Noninterest expense was $1.450 billion, up from previous year's $1.408 billion.
Net operating earnings plunged to $494 million or $2.81 per share from last year's $812 million or $4.57 per share.
MTB was trading down by 0.20 percent at $130.70 per share in the pre-market trade on the New York Stock Exchange.
