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M&T Bank posts higher Q3 profit YOY

Buffalo, N.Y.-based M&T Bank Corp. on Oct. 17 reported third-quarter net income applicable to common shares of $505.4 million, or $3.53 per share, up from $335.8 million, or $2.21 per share, in the year-ago period.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was $3.35.

Provision for credit losses for the quarter was down 47% to $16 million from $30 million in the third quarter of 2017.

Total loans and leases, net of unearned discount, decreased 1% from the year-ago period and fell 1% from the linked quarter to $86.68 billion. Allowance for credit losses for the quarter was $1.02 billion, largely unchanged from the previous quarter's figure and up from $1.01 billion a year ago.

Meanwhile, deposits totaled $89.14 billion for the quarter, down from $89.27 billion in the previous quarter and $93.51 billion in the year-ago period.