By Dean Seal
M&T Bank recorded a jump in earnings for the first quarter as net interest income moved higher and average interest-bearing deposits decreased.
The bank posted a profit of $547 million, or $3.32 a share, compared with $505 million, or $3.02 a share, in the same period a year earlier.
Stripping out one-time items, adjusted earnings were $3.38 a share. Analysts polled by FactSet had been forecasting $3.40 a share.
Net interest income edged up to $1.7 billion from $1.68 billion a year earlier. The company said its net interest margin widened during the quarter due to lower levels of average earning assets and lower funding costs for interest-bearing deposits and short-term borrowings, which it says were partially offset by a decline in yields on average interest-bearing deposits.
The bank has a provision for credit losses of $130 million for the quarter, down from $200 million a year earlier.
Total assets ticked down 2% to $210.3 billion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 14, 2025 06:31 ET (10:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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