M&T Bank Corporation (MTB) , a prominent financial institution, has released its financial results for the third quarter of 2023. The bank reported a net income of $690 million, equivalent to $3.98 of diluted earnings per common share. Furthermore, M&T Bank disclosed a robust performance in terms of revenue, with a total revenue of $2.35 billion. Let's delve into the details of the financial report to understand the key highlights.
The net interest income for the third quarter of 2023 stood at $1.775 billion. While this figure slightly declined from the previous quarter ($1.799 billion), it showed a noticeable improvement from the same period last year ($1.679 billion).
Provision for Credit Losses
M&T Bank allocated $150 million for the provision for credit losses during the third quarter of 2023, maintaining consistency with the previous quarter ($150 million). This allocation was higher than the provision made in the third quarter of 2022, which amounted to $115 million.
Noninterest Income Decline
Noninterest income for Q3 2023 amounted to $560 million, a significant decrease from the second quarter ($803 million). However, it remained relatively close to the figure reported in Q3 2022, which was $563 million.
Noninterest Expense
The bank incurred noninterest expenses of $1.278 billion during the third quarter of 2023, slightly lower than the second quarter's expenses ($1.293 billion) and in line with the same period last year ($1.279 billion).
Diluted Earnings Per Common Share
M&T Bank reported a diluted earnings per common share of $3.98 for Q3 2023, showing a slight decrease from the previous quarter ($5.05) but a notable improvement from the same period in 2022 ($3.53).
For the third quarter of 2023, M&T Bank achieved a return on average assets of 1.33%, marking a decline from the second quarter's 1.70% but an increase from the same period last year (1.28%). Similarly, the return on average common shareholders' equity was 10.99%, which decreased from 14.27% in Q2 2023 but surpassed the Q3 2022 figure of 10.43%.
Average Balance Sheet
M&T Bank's total assets for the third quarter of 2023 were $205.791 billion, showing growth from both the previous quarter ($204.376 billion) and the same period in 2022 ($201.131 billion).
Interest-Bearing Deposits at Banks, Investment Securities, Loans, and Deposits
- Interest-bearing deposits at banks: $26.657 billion
- Investment securities: $27.993 billion
- Loans and leases, net of unearned discount: $132.617 billion
- Deposits: $162.688 billion
M&T Bank Corporation's third-quarter 2023 financial results highlight a strong performance, with consistent net interest income and robust revenue. Despite some fluctuations in key metrics, the bank remains well-positioned in a dynamic financial landscape.