M&T profits climb in 1Q
First-quarter profits more than doubled at M&T Bank Corp. on lower credit costs and wider net interest margin.
Net income totaled $151 million, compared with $64 million in the year-earlier quarter, the Buffalo-based company (NYSE: MTB) reported Monday. Earnings per share were $1.15, up from 49 cents in the comparable period of 2009.
Net operating income for the period ended March 31, 2010 rose to $161 million, up from $75 million.
At the end of the quarter, M&T had total assets of $68.4 billion, up 5.3 percent from $64.9 billion a year ago.