In the fourth quarter, M&T Bank saw a decrease in profit as net interest income slightly dropped. The Buffalo, N.Y.-based bank recorded a profit of $482 million, or $2.74 per share, for the quarter ending on December 31. This is compared to $765 million, or $4.29 per share, during the same period the previous year. Analysts surveyed by FactSet had predicted earnings of $3.10 per share.
After adjusting for certain one-time items, the adjusted earnings per share came to $2.81, falling short of the analysts’ forecast of $3.68 according to FactSet.
Net interest income experienced a 3% decline, totaling $1.74 billion, surpassing the anticipated amount of $1.72 billion projected by analysts surveyed by FactSet.
Daryl Bible, the Chief Financial Officer, reported that average commercial and consumer loans as well as average deposits increased during this period. He acknowledged that commercial clients were affected by the decline in commercial real estate values and higher interest rates, but expressed confidence in the bank’s ability to overcome these challenges.
