M&T Bank Corp. Q1 Net Income Nearly Doubles

(RTTNews) - M&T Bank Corp. (MTB) reported first-quarter GAAP-basis net income of $702 million, compared to $362 million, last year. Earnings per common share was $4.01, compared with $2.62. Net operating income was $715 million, compared with $376 million in the first quarter of 2022. Net operating earnings per common share was $4.09, compared to $2.73.

Net interest income expressed on a taxable-equivalent basis totaled $1.83 billion in the quarter, up 102% from $907 million, a year ago. Noninterest income was $587 million, compared with $541 million, prior year.

Darren King, CFO, said, "These results reflect loan growth, steady credit quality, a strong liquidity position and, as in past years, seasonally higher salaries and employee benefits expense. M&T's estimated Common Equity Tier 1 ratio was 10.15% at March 31, 2023 compared with 10.44% at last year's end."

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