M&T Bank Reports Q3 2023 Net Income of $690 Million
Records Quarterly Revenue of $2.35 Billion
M&T Bank Corporation (MTB) , a prominent financial institution, has released its financial results for the third quarter of 2023. The bank reported a net income of $690 million, equivalent to $3.98 of diluted earnings per common share. Furthermore, M&T Bank disclosed a robust performance in terms of revenue, with a total revenue of $2.35 billion. Let's delve into the details of the financial report to understand the key highlights.
Earnings Highlights
Net Interest Income Remains Stable
The net interest income for the third quarter of 2023 stood at $1.775 billion. While this figure slightly declined from the previous quarter ($1.799 billion), it showed a noticeable improvement from the same period last year ($1.679 billion).
Provision for Credit Losses
M&T Bank allocated $150 million for the provision for credit losses during the third quarter of 2023, maintaining consistency with the previous quarter ($150 million). This allocation was higher than the provision made in the third quarter of 2022, which amounted to $115 million.
Noninterest Income Decline
Noninterest income for Q3 2023 amounted to $560 million, a significant decrease from the second quarter ($803 million). However, it remained relatively close to the figure reported in Q3 2022, which was $563 million.
Noninterest Expense
The bank incurred noninterest expenses of $1.278 billion during the third quarter of 2023, slightly lower than the second quarter's expenses ($1.293 billion) and in line with the same period last year ($1.279 billion).
Diluted Earnings Per Common Share
M&T Bank reported a diluted earnings per common share of $3.98 for Q3 2023, showing a slight decrease from the previous quarter ($5.05) but a notable improvement from the same period in 2022 ($3.53).
Return on Average Assets and Common Shareholders' Equity
For the third quarter of 2023, M&T Bank achieved a return on average assets of 1.33%, marking a decline from the second quarter's 1.70% but an increase from the same period last year (1.28%). Similarly, the return on average common shareholders' equity was 10.99%, which decreased from 14.27% in Q2 2023 but surpassed the Q3 2022 figure of 10.43%.
Average Balance Sheet
Total Assets
M&T Bank's total assets for the third quarter of 2023 were $205.791 billion, showing growth from both the previous quarter ($204.376 billion) and the same period in 2022 ($201.131 billion).
Interest-Bearing Deposits at Banks, Investment Securities, Loans, and Deposits
- Interest-bearing deposits at banks: $26.657 billion
- Investment securities: $27.993 billion
- Loans and leases, net of unearned discount: $132.617 billion
- Deposits: $162.688 billion
M&T Bank Corporation's third-quarter 2023 financial results highlight a strong performance, with consistent net interest income and robust revenue. Despite some fluctuations in key metrics, the bank remains well-positioned in a dynamic financial landscape.
