M&T Bank Corporation reports Q2 2024 net income of $655M, diluted EPS $3.73

M&T BANK CORP

2024-Q2 EPS reported $6.76 revenue$755,000,000

Net interest margin widened to 3.59% from 3.52% in Q1 2024, driven by higher investment securities yields.
CET1 capital ratio increased to an estimated 11.44%, up 36 basis points from 11.08% at March 31, 2024.
Nonaccrual loans declined 12% to $2.024 billion from $2.302 billion in the prior quarter.
Provision for credit losses was $150 million, down from $200 million in Q1 2024, reflecting lower criticized commercial real estate loans.
Issued $750 million par value of Perpetual 7.5% Non-Cumulative Preferred Stock (Series J) in May 2024.

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