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M&T Bank reports dip in Q4 profit as real estate weighs

EditorRachael Rajan
Published 18/01/2024, 14:34
Updated 18/01/2024, 14:34
© Reuters.

NEW YORK - M&T Bank Corporation (NYSE:MTB) has disclosed a decline in its fourth-quarter net profit, with figures dropping to $457 million compared to $739 million in the same quarter the previous year. The earnings per share (EPS) also fell, reaching $2.74, a decrease from $4.29.

The bank's financial health was impacted by several factors. Net interest income, a key revenue source, decreased to $1.722 billion. Additionally, M&T Bank set aside more funds for credit losses, with provisions rising to $225 million. This move comes amid growing concerns in the commercial real estate market, which has been facing headwinds.

Moreover, the bank experienced a downturn in non-interest income, which fell to $578 million. In response to the earnings report, M&T Bank's shares saw a downturn in pre-market trading, with stock prices dropping to $130.70 per share.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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