Why M&T Bank (MTB) Stock Is Gaining Today - M&T Bank (NYSE:MTB)

M&T Bank Corporation MTB shares gained Monday premarket following its solid first quarter performance that beat Street expectations.
MTB reported a first-quarter FY23 net income of $701.62 million, an increase of 94% year-over-year.
Diluted net operating EPS was $4.09, beating the consensus of $3.98.
M&T reported a Q1 revenue of $2.4 billion (+67.4% Y/Y), beating the consensus of $2.37 billion.
Q1 Net interest income expressed on a taxable-equivalent basis was $1.832 billion, up 102% from $907 million earned in 1Q21.
Noninterest income totaled $587 million, compared with $541 million in the year-earlier quarter.
M&T's efficiency ratio was 55.5% compared to 64.9% in the year-earlier quarter and 53.3% in 4Q22.
M&T recorded a provision for credit losses of $120 million, up from $10 million in the year-earlier quarter.
The allowance for credit losses totaled $1.98 billion or 1.49% of loans outstanding on March 31, 2023, compared with $1.47 billion or 1.60% of loans outstanding in 1Q21.
M&T held total assets of $203 billion as of March 31, 2023. Loans and leases, net of unearned discount, were $132.9 billion.
Darren J. King, Chief Financial Officer, commented, "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."
Price Action: MTB shares are trading higher by 2.41% at $119.40 premarket on Monday.

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Why M&T Bank Stock Is Gaining Today