Financial services firm M&T Bank Corp. (MTB: Quote) posted significantly higher fourth-quarter GAAP net income available to common shareholders of $276.61 million, or $2.16 per share, versus last year’s $129.8 million, or $1.04 per share. Net income, on a GAAP basis, totaled $296 million, up from $148 million a year ago. During the quarter, net operating income surged to $304.66 million, or $2.23 per share, from $168.41 million, or $1.20 per share in the prior-year quarter.
On average, 23 analysts polled by Thomson Reuters expected earnings per share of $2.18 for the quarter. Analysts’ estimates typically exclude one-time items.
Net interest income improved 8% to $667.42 million, from $618.03 million; with total other income growing 14% to $453.16 million, from $398.45 million last year. Analysts estimated revenues of $1.12 billion for the quarter.
Commenting on M&T’s performance, Rene Jones, Executive Vice President and Chief Financial Officer, said, “Revenues were up in most major categories, led by exceptional growth in mortgage banking. We continued to extend credit throughout the communities we serve, and as a result, loans rose an impressive $6.5 billion or 11% from the end of 2011, all while improving our capital base and expanding the services we offer our customers. The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013.”
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by RTT Staff Writer
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