M&T Bank Q1 net income $531M, EPS $3.02; provision for credit losses up to $200M

M&T BANK CORP

2024-Q1 EPS reported $3.02 revenue$367,000,000

Net income $531M ($3.02 diluted EPS) vs $702M ($4.01) in Q1 2023; CET1 ratio improved to 11.07%.
Net interest income (taxable-equivalent) $1.692B, down 8% YoY; net interest margin 3.52% vs 4.04%.
Provision for credit losses $200M (up 67% YoY); net charge-offs $138M (annualized 0.42% of avg loans).
Nonaccrual loans $2.3B, up 6% from prior quarter; allowance for credit losses 1.62% of loans.
Expenses $1.396B included $29M incremental FDIC special assessment; efficiency ratio 60.8%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

M&T BANK CORP reported the quarter ended March 31, 2024 results: net income $531 million, EPS $3.02 of diluted earnings per common share.

Period: the quarter ended March 31, 2024
Net income: $531 million
EPS: $3.02 of diluted earnings per common share
Result: reported results

Exact text from the filing

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $531 million or $3.02 of diluted earnings per common share.

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Source: SEC EDGAR

accession 0001628280-24-016126

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