M&T Bank reported record second-quarter earnings per share of $5.35, beating analyst estimates by $0.66, as revenue rose 5.7% year over year to $2.53 billion. Net income climbed 14.2% to $818 million, driven by a 4.6% increase in net interest income to $1.79 billion and higher non-interest fee income from trust and wealth management services. The bank saw its strongest core quarterly loan growth since 2012, with loans rising $3 billion sequentially to $141.4 billion, and lifted its full-year lending target by $1 billion to a range of $141 billion to $143 billion. Credit quality improved as the provision for credit losses fell to $120 million from $140 million in the prior quarter, while annualized net charge-offs dropped to 23 basis points of average loans. The company raised its quarterly dividend by 11% to $1.50 and repurchased $465 million of stock in the quarter, part of a long-term buyback plan of up to $5 billion.
M&T Bank CorporationRecord earnings, raised dividend, and stock buyback
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