MTB - Why M&T Bank Shares Are Trading Higher Today | Benzinga
M&T Bank Corporation (NYSE:MTB) shares are trading higher after it reported first-quarter FY24 results.
Revenue of $2.260 billion, slightly missing the consensus of $2.263 billion. Net interest income expressed on a taxable-equivalent basis was $1.69 billion, down 8% Y/Y.
Noninterest income totaled $580 million, slightly lower than $587 million in the year-earlier quarter, with the net interest margin contracting to 3.52% vs 4.04% a year ago.
Net income of $531 million came below $702 million a year ago. EPS was $3.09, which came in line with the consensus.
M&T’s efficiency ratio was 60.8% compared to 55.5% in the year-earlier quarter. M&T recorded a provision ...