M&T Bank Q3 2024 Earnings Report
Key Takeaways
M&T Bank Corporation reported a net income of $721 million, resulting in diluted earnings per common share of $4.02 for the third quarter of 2024. The CET1 capital ratio rose to an estimated 11.54%, and the company repurchased shares of its common stock for a total cost of $200 million.
CET1 capital ratio increased for the sixth consecutive quarter to an estimated 11.54%.
Net interest margin widened to 3.62% due to higher yields on investment securities and lower funding costs.
Average commercial and industrial loans and average consumer loans increased, offset by a decline in average commercial real estate loans.
Provision for credit losses decreased due to lower levels of criticized commercial real estate and commercial and industrial loans.
M&T Bank
M&T Bank
Forward Guidance
M&T's positive earnings momentum, strong capital position and unyielding focus on delivering for our customers and the communities we serve have positioned the franchise for a strong finish to 2024.