By Denny Jacob
M&T Bank reported a rise in profit in its latest quarter, the latest sign of reinvigorated results among banks reporting this earnings season.
The Buffalo, N.Y., bank recorded net income of $681 million, or $3.86 a share, for the fourth quarter ended Dec. 31, up from $482 million, or $2.74 a share, a year earlier.
Stripping out certain one-time items, earnings per share were $3.92 a share. Analysts polled by FactSet had expected $3.75 a share.
Net interest income came in at $1.73 billion, matching analysts' estimates. This compares to net interest income of $1.72 billion a year earlier.
Provisions for credit losses rose to $140 million from $120 million. The measure also increased for the year, which M&T attributed to a decline in commercial real estate criticized loans.
Total assets rose to $211.9 million from $208.6 million.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 16, 2025 06:28 ET (11:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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