M&T Bank Corp. Q4 Profit Increases, Beats Estimates

(RTTNews) - M&T Bank Corp. (MTB) released a profit for its fourth quarter that Increased from last year and beat the Street estimates.

The company's earnings totaled $718 million, or $4.67 per share. This compares with $644 million, or $3.86 per share, last year.

Excluding items, M&T Bank Corp. reported adjusted earnings of $4.72 per share for the period.

Analysts on average had expected the company to earn $4.47 per share. Analysts' estimates typically exclude special items.

M&T Bank Corp. earnings at a glance (GAAP) :

-Earnings: $718 Mln. vs. $644 Mln. last year. -EPS: $4.67 vs. $3.86 last year.

For the final quarter, the lender posted a net interest income of $1.779 billion, higher than $1.728 billion in the same period last year. Noninterest income stood at $696 million as against the prior year’s $657 million.   Loans were at $137.600 billion, compared with $135.723 billion a year ago. Deposits moved up to $165.057 billion from $164.639 billion last year.

MTB was up by 3.21% at $219.39 in the pre-market trade on the New York Stock Exchange.