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M&T reports 17 percent increase in profits

M&T Bank Corp.’s profits rose 17 percent during the second quarter, rising to $336 million from $286.7 million a year ago.

Darren J. King, M&T executive vice president and chief financial officer, said the bank’s second-quarter performance reflected “impressive loan growth in our commercial portfolios, continued strong credit quality and further improved operating efficiency.”

The Buffalo-based bank reported diluted earnings per share of $1.98, unchanged from the second quarter in 2015.

Its non-interest income fell 10 percent to $448 million, from $497 million a year ago. In the second quarter of 2015, M&T benefited from a $45 million pre-tax gain from the sale of its trade processing business within its retirement services division.

M&T’s net interest income, which is the difference between the money the bank makes by making loans and pays out as interest on deposits, increased 26 percent to $864 million. The bank’s average earning assets increased, bolstered by its acquisition of Hudson City Bancorp last fall.

email: mglynn@buffnews.com

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