July 15 (Reuters) – M&T Bank posted a rise in second-quarter profit on Wednesday, driven by higher interest income and trust income.
Elevated interest rates have helped banks generate stronger interest income, as businesses and consumers adapt to the higher-rate environment and continue to pursue borrowing and investment opportunities.
Here are some more details:
• M&T’s net interest income, the difference between what banks pay customers on deposits and earn as interest on loans, rose 4.6% to $1.79 billion in the second quarter from a year earlier.
• The Buffalo, New York-based bank’s quarterly net interest margin widened 8 basis points to 3.70%.
• Non-interest income rose to $740 million in the second quarter from $683 million a year ago.
• Trust income rose to $197 million from $182 million, while mortgage banking revenue fell 2% to $127 million.
• The lender’s provision for credit losses fell to $120 million from $125 million a year earlier.
• Loans for the quarter increased to $141.4 billion from $135.4 billion.
• Net income available to common shareholders rose to $781 million, or $5.32 per share, for the three months ended June 30, from $679 million, or $4.24 per share, a year earlier.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Maju Samuel)
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