M&T Bank Stock Rose Thursday. Here's Why.
Joe Buglewicz / Bloomberg via Getty Images
Key TakeawaysM&T Bank's second-quarter earnings beat expectations on both the top and bottom lines but declined year-over-year.Net interest income also fell, while average loans and leases at the bank increased.M&T's CFO pointed out the bank's growing loan portfolios and reduced commercial real estate exposure.
M&T Bank (MTB) shares finished Thursday higher after the bank beat expectations with its second-quarter results.The firm reported earnings per share (EPS) of $3.73 on revenue of more than $2.3 billion, down from $5.05 per share on revenue of $2.6 billion a year earlier. The results beat analyst estimates in both cases. Net interest income was $1.72 billion, down 4% from $1.79 billion a year earlier. The bank’s average loans and leases rose by $792 million, while its average investment securities increased $1.1 billion in the period. M&T stock finished the day up about 1.7%, leaving them up more than 20% this year. The KBW Nasdaq Regional Banking Index (KRX) fell 1.5%.The company grew its commercial and industrial and consumer-loan portfolios while reducing its exposure to commercial real-estate, Chief Financial Officer (CFO) Daryl Bible said in a statement. Read the original article on Investopedia.
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