WASHINGTON (dpa-AFX) - M&T Bank Corp. (MTB) reported Monday higher profit in its first quarter, with higher net interest income and lower provision for credit losses. Meanwhile, earnings per share missed market estimates.
In pre-market activity on the NYSE, MTB shares were losing around 2.5 percent to trade at $154.00.
In its first quarter, net income available to shareholders grew to $547 million from last year's $505 million. Earnings per share were $3.32, up from $3.02 a year ago.
Net operating income was $594 million, compared to prior year's $543 million. Net operating earnings per share were $3.38, compared to $3.09 last year.
The Wall Street analysts on average expected the company to report earnings of $3.40 per share. Analysts' estimates typically exclude special items.
Net interest income grew to $1.70 billion from prior year's $1.68 billion. Net interest income - taxable-equivalent was $1.71 billion, up from $1.69 billion a year ago.
The provision for credit losses was $130 million in the first quarter, compared with $200 million in the first quarter of 2024.
Noninterest income grew to $611 million from $580 million a year ago.
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