M&T Bank profit grows by 60%

M&T Bank Corp. MTB +5.35%   said Wednesday its third-quarter profit increased to $293 million, or $2.17 a share, from $183.1 million, or $1.32 a share, in the year-ago period.
Adjusted profit for the Buffalo, N.Y., lender rose to $2.24 a share from $1.53 a share. Wall Street analysts expected M&T Bank to earn $1.85 a share, according to a survey by FactSet. The company said its results reflect higher mortgage banking revenue, increases in taxable-equivalent net interest income and a lower provision for credit losses.

Source:
marketwatch.com