M&T Bank Profit Rises 24%, Operating EPS Tops Expectations

M&T Bank Corporation MTB announced a 24 percent jump in profit to $298.53 million from $241.61 million in the previous year quarter. Its earnings also grew 5 percent to $1.73 a share from $1.65 a share in the same quarter last year. Its net operating earnings advanced 11 percent to $1.87 a share from $1.68 a share in the year-earlier period. Street analyst estimated the company to earn $1.84 a share.

M&T Bank said its Taxable-equivalent Net Interest Income jumped 32 percent to $878 million from $665 million in the previous year quarter. The company attributed the growth to a 31 percent rise in average earning assets.

The company's Vice Chairman and CFRO, Rene Jones, said "Results in 2016's initial quarter reflected strong growth in net interest income, solid loan growth, stable credit performance and well-controlled expenses, leading to an 11% rise in diluted net operating earnings per share, to$1.87, over the year-earlier period."

He added, "The quarter was highlighted by the full integration of Hudson City's operations through the successful conversion of the deposit system and branch network. Our entire banking franchise is now operating under the M&T flag, enabling us to extend to our new customers our unwavering commitment to outstanding service."

M&T Bank said the provision for credit losses grew to $49 million from $38 million in the year-earlier quarter.

Shares of the company slipped 1.21 percent on Friday.