M&T Bank Q3 net income $690 million, $3.98 a share, down from second quarter
M&T Bank reported third quarter 2023 net income of $690 million, or $3.98 per diluted share, down from $867 million and $5.05 in the second quarter but up from $647 million and $3.53 a year earlier. The sequential drop mainly reflects a $225 million gain on the sale of its Collective Investment Trust business in the second quarter, and the company did not repurchase any shares in the quarter.
- Net income $690 million vs. $867 million in Q2 2023 and $647 million in Q3 2022
- Diluted EPS $3.98 vs. $5.05 in Q2 2023 and $3.53 in Q3 2022; diluted net operating EPS $4.05, up 6% from $3.83 a year earlier
- Net interest margin narrowed to 3.79% from 3.91% in Q2 2023; nonaccrual loans fell to 1.77% of loans from 1.83%
- Estimated CET1 capital ratio rose to 10.94% from 10.59%; no share repurchases in Q3 2023