WASHINGTON (dpa-AFX) - M&T Bank Corporation (MTB), on Thursday reported a
decline in net profit for the fourth-quarter, amidst higher provision for credit
losses, decline in net interest income as well as non-interest income.

For the fourth-quarter, the lender reported a net income of $457 million or
$2.74 per share, lesser than $739 million or $4.29 per share, posted for the
same period last year.

Provision for credit losses surged to $225 million from $90 million a year ago.
Higher provision for credit losses reflects continued pressure on investor-owned
commercial real estate borrowers and a $1.7 billion increase in loan balances
from September 30, to December 31, 2023.

Net interest income declined to $1.722 billion from $1.827 billion of previous
year.

Non-interest income also dropped to $578 million, from $682 million in 2022.

Noninterest expense was $1.450 billion, up from previous year's $1.408 billion.

Net operating earnings plunged to $494 million or $2.81 per share from last
year's $812 million or $4.57 per share.

MTB was trading down by 0.20 percent at $130.70 per share in the pre-market
trade on the New York Stock Exchange.



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