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Jun 30, 2023
M&T Bank Q2 2023 Earnings Report
M&T Bank's Q2 2023 earnings were announced, marked by strong performance and strategic divestiture.
Key Takeaways
M&T Bank Corporation reported a significant increase in GAAP diluted earnings per common share to $5.05, up from $1.08 in the same quarter last year. The bank's GAAP-basis net income also rose to $867 million, driven by the successful sale of its Collective Investment Trust business and healthy growth in commercial loans.
GAAP diluted earnings per common share increased to $5.05, a 368% rise year-over-year.
GAAP-basis net income reached $867 million, a 299% increase compared to Q2 2022.
The sale of the Collective Investment Trust business resulted in a pre-tax gain of $225 million.
Taxable-equivalent net interest income was $1.81 billion, reflecting a 90 basis point widening of the net interest margin.
Forward Guidance
As M&T Bank moves forward into the second half of 2023, its primary focus remains on serving the evolving needs of its diverse customer base by offering an extensive array of innovative products and services.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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