M&T Bank Stock Rose Thursday. Here’s Why.
- July 19, 2024
Key Takeaways
- M&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.