M&T Bank 2Q profit up 53 percent
Posted: 3:09 pm Wed, July 17, 2013
BUFFALO, N.Y. — M&T Bank’s second-quarter net income rose 53 percent, helped by a $62 million gain from the sale of the bank’s holdings of Visa and MasterCard shares.
The bank said Wednesday that “stabilizing” economic conditions, better-than-expected loan repayments and strong revenues from its mortgage banking division also helped earnings during the quarter.
The regional bank’s net income for common shareholders came to $328.6 million, or $2.55 per share, for the period ended June 30. That compares with $214.7 million, or $1.71 per share, from April through June of 2012.
Net interest income, or earnings from loans and deposits, rose 5 percent to $677.6 million. Non-interest income, which comes from fees and other items, increased 30 percent to $508.7 million due to sale of Visa Inc. and MasterCard Inc. shares and a healthier mortgage banking business.
The bank’s provision for credit losses, or the money set aside to cover soured loans, fell to $57 million from $60 million a year ago. Net charge-offs, or loans written off as uncollectible, rose to $57 million from $52 million.
M&T Bank Corp., which is based in Buffalo, N.Y., has banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia.
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