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M&T Bank records 13 percent rise in quarterly profits

M&T Bank's net income increased 13 percent in the second quarter from a year ago, to $381 million, topping analyst forecasts.

The Buffalo-based bank recorded diluted earnings per share of $2.35, up 19 percent from a year earlier. The earnings were better than the $2.28 per share that analysts surveyed by Zacks Investment Research were expecting.

M&T during the quarter benefited from increased trust income and "well-controlled expenses" in line with the bank's expectations, said Darren J. King, M&T's chief financial officer.

M&T's net interest margin, which is the difference between the interest a bank earns on loans and the interest it pays on deposits, also widened during the quarter.


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