M&T Bank (MTB) shares climb as Q1 2024 earnings meet expectations

Shares of M&T Bank Corp. (NYSE: MTB) rose almost 4% in premarket trading Monday after the bank reported in-line earnings per share (EPS) for the fiscal Q1 2024.

The company posted EPS of $3.02, which met the analyst expectations.

The operating EPS was slightly below forecasts at $3.09 compared to the estimated $3.10.

Meanwhile, the bank’s return on average common equity was reported at 8.14%, slightly under the predicted 8.22%.

In addition, M&T Bank set aside $200 million for credit losses during the quarter, which was above the analysts' estimate of $161 million.

“We are off to a solid start in 2024 as we were able to grow certain sectors of our commercial and consumer loan portfolios, while continuing to shrink our commercial real estate exposure,” the bank’s CFO Daryl N. Bible said.

“Expenses were prudently managed in the recent quarter and our selective approach to allocating resources to our strategic priorities with utmost care has not wavered.”

By Vahid Karaahmetovic

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