M&T Bank Q3 adjusted EPS beats estimates on loan growth
MTB•MTB•MTB•MTB•M&T Bank reported Q3 adjusted EPS of $5.08, above the $4.96 analyst estimate, while net interest income of $1.79 billion fell short of the $1.82 billion estimate. The company repurchased 1.3 million shares for $323 million during the quarter.
M&T Bank reported Q3 net income of $775 million and adjusted EPS of $5.08, compared with analyst expectations of $4.96. Net interest income was $1.79 billion, below the $1.82 billion estimate. The bank reported a 3.65% net interest margin, a 10.16% CET1 capital ratio and a $135 million provision for credit losses.
Higher average commercial real estate, consumer and residential real estate loan balances drove loan growth. Higher residential mortgage banking revenues contributed to noninterest income, while technology infrastructure and personnel costs increased noninterest expense. M&T expects continued strength across customer-driven revenue streams, citing its diversified business model, and repurchased 1.3 million shares for $323 million in Q3.
