Bloomberg News

M&T Bank Gains After Profit Beats Analysts’ Estimates

October 17, 2012

M&T Bank Corp., the lender that counts Warren Buffett’s Berkshire Hathaway Inc. among its largest shareholders, rose the most in almost a year after posting a third-quarter profit that beat analysts’ estimates.

M&T climbed 6.4 percent to $103.57 at 9:49 a.m. in New York, the most since November. Shares advanced 28 percent this year through yesterday, matching the gains of the 24-company KBW Bank Index. (BKX)

Net income rose 60 percent to $293 million, or $2.17 a share, compared with $183 million, or $1.32, a year earlier, the Buffalo, New York-based lender said today in a statement. Excluding merger-related costs and other non-operating expenses, profit was $2.24 cents a share, beating by 38 cents the average estimate (MTB:US) of 26 analysts surveyed by Bloomberg.

“Loan growth, wider margins, prudent expense management and continuing improvement in credit quality combined for an impressive quarter,” Chief Financial Officer Rene F. Jones said in the statement.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • MTB
    (M&T Bank Corp)
    • $124.15 USD
    • 0.58
    • 0.47%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus