M&T Bank fourth-quarter profit jumps 41% on higher fee income

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M&T Bank fourth-quarter profit jumps 41% on higher fee income

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M&T Bank fourth-quarter profit jumps 41% on higher fee income

//business-finance.news-articles.net/content/202 .. uarter-profit-jumps-41-on-higher-fee-income.html

Published in Business and Finance on Thursday, January 16th 2025 at 7:00 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

M&T Bank on Thursday reported a 41% rise in fourth-quarter profit, as it earned more in fees from institutional services and the wealth management business after markets soared on interest rate cuts and U.

165x110/6480 Bytes

M&T Bank Corp reported a 41% surge in its fourth-quarter profit, driven by a significant increase in fee income, particularly from its mortgage banking operations. The bank's profit reached $2.14 per share, surpassing the analysts' expectations of $1.57 per share. This performance was bolstered by a 19% rise in net interest income to $1.82 billion, although this was offset somewhat by a 10% increase in non-interest expenses to $1.3 billion. Additionally, M&T Bank experienced a 20% drop in net interest margin to 3.61%, reflecting the challenges of a high interest rate environment. Despite these mixed results, the bank's strategic focus on fee income and cost management contributed to a robust quarterly performance.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/mt-bank-fourth-quarter-profit-jumps-41-higher-fee-income-2025-01-16/ ]