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Mar 31, 2024
M&T Bank Q1 2024 Earnings Report
M&T Bank's Q1 2024 earnings were announced, revealing a net income of $531 million and diluted earnings per share of $3.02.
Key Takeaways
M&T Bank Corporation reported a decrease in net income to $531 million, or $3.02 diluted earnings per common share, for the first quarter of 2024. The results reflect a solid start to the year with growth in commercial and consumer loan portfolios, managed expenses, and a strengthened liquidity and capital position.
CET1 capital ratio increased by 9 basis points to an estimated 11.07%.
Net interest margin narrowed to 3.52% due to higher liquidity and increased deposit and borrowing costs.
Growth observed in average commercial and industrial and consumer loans.
Average deposits remained stable with a slowing shift to higher-cost deposits.
Revenue by Segment
Forward Guidance
M&T Bank is focused on growing commercial and consumer loan portfolios while reducing exposure to commercial real estate. The company is managing expenses and allocating resources to strategic priorities. M&T's liquidity and capital position have strengthened.
Positive Outlook
- Possibility of continued growth in commercial and industrial and consumer loan portfolios.
- Potential for continued expense management.
- Opportunity to allocate resources to strategic priorities.
- Prospect of maintaining a stable deposit base.
- Opportunity for further strengthening of liquidity and capital position.
Challenges Ahead
- Risk of continued decline in commercial real estate values.
- Potential for further deterioration in the performance of loans to commercial borrowers.
- Risk of increased interest rates.
- Uncertainty regarding future economic conditions and growth rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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