4 months ago
Key Takeaways
- M&T Bank's second-quarter net hit expectations connected some nan apical and bottommost lines but declined year-over-year.
- Net liking income besides fell, while mean loans and leases astatine nan slope increased.
- M&T's CFO pointed retired nan bank's increasing indebtedness portfolios and reduced commercialized existent property exposure.
M&T Bank (MTB) shares vanished Thursday higher aft nan slope hit expectations pinch its second-quarter results.
The patient reported earnings per stock (EPS) of $3.73 connected gross of much than $2.3 billion, down from $5.05 per stock connected gross of $2.6 cardinal a twelvemonth earlier. The results hit expert estimates successful some cases.
Net liking income was $1.72 billion, down 4% from $1.79 cardinal a twelvemonth earlier. The bank’s mean loans and leases roseate by $792 million, while its mean finance securities accrued $1.1 cardinal successful nan period.
M&T banal vanished nan time up astir 1.7%, leaving them up much than 20% this year. The KBW Nasdaq Regional Banking Index (KRX) fell 1.5%.
The institution grew its commercialized and business and consumer-loan portfolios while reducing its vulnerability to commercialized real-estate, Chief Financial Officer (CFO) Daryl Bible said successful a statement.
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